It is seen that XRP is stuck and in lukewarm waters as the price does not move away from $0.3 to $0.39 for two months.
XRP experiences weakness with price stuck at $0.3 to $0.39
Price hinting at a bearish squeeze
Price approaching a breakout and a 52% drop
The current sluggishness that XRP price is going through is severely pegging and preventing the bulls from making any moves in the up direction.
XRP falls short, unable to jump higher
On the daily chart, the XRP structure has been seen bullish with its characteristic higher highs and lower lows. But it seems that the bulls are not escalating further which is preventing the token price from moving on the positive path.
According to CoinMarketCapthe price of the crypto has sunk by 3.31% and is trading at $0.3701 at the time of writing.
On a positive note, it was able to successfully flip the charts at the 100-day moving average a few days ago. That being said, the price was able to touch the key resistance levels of $0.39-$0.42.
Now, if the bulls manage to nullify the previous price range, XRP is expected to break out to the 200-day moving average.
Following a bearish viewpoint, the token will go short and will not be able to break through key resistance, recording a decline in key support at $0.33 with the search for a retest in the zone.
Pegged to Bitcoin, the price of XRP hovers between the 100 and 200-day moving average lines. The bears are not letting their guard down, ready to defend their key resistance present in the range of 1700 to 1800 SAT.
In the same way, the bulls do not take their hands off the price unless the price drops below the 1500 SAT level. Over the next few days, sideways action is likely whenever there is a gap or close above or below the zones mentioned above.
Crypto in danger of losing 52% gains
The pressure is definitely mounting for the XRP bulls as the bears are rushing to push for a breakout. With the odds in favor of the bears, the price of cryptocurrencies is tipped to lose up to 52% and exhaust the gains made this summer.
Ripple price is seen to be experiencing struggles seen in the past week. And this week is no better because the price of XRP was recorded lower this week than it was last week, which suggests a gigantic squeeze.
The bulls can potentially drop XRP like a hot potato because Ethereum price action is more promising to trade. XRP price is expected to push the bulls further below the 55-day SMA in the coming days with key support set at $0.36.
A potential rally to $0.36 may propel XRP price skyrocketing to $0.50, capping off a dream swing trade that hints at up to a 40% gain.
Total XRP Market Cap at $17.8 Billion on Weekly Chart | Source: TradingView.com Featured Image from Crowdwisdom.live, Chart from TradingView.com
This post XRP Slow On Resistance: Will It Break Out After 2 Months Of Vertigo?
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