Tuesday, November 29, 2022

XRP Drops 3% In One Day, What Can We Expect Next?

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XRP drops 3% in one day and brought its price down to $0.34 while it also reduced by 16% in one week, so what can we expect in the next 24 hours? Let’s see in our Ripple XRP news.

XRP and the rest of the market movers continued to face the bearish market and the altcoin dropped over the past day considerably. XRP secured gains over the past week but then the bears stepped up and all gains were lost. The profit booking took over as the market movers witnessed a short relief rally but the price of the altcoin also surged by 16% on the week and the daily losses invalidated most of it. XRP drops 3% in one day and brought the price now to $0.34.

xrp shows
XRP displayed fall in buying strength on the one day chart Source XRPUSD on TradingView

The bulls tried out and surrendered to the bears so the selling pressure increased with XRP turning bearish. The next crucial resistance for the coin hovers at $0.30 and the tehcnical outlook for XRP flashed some mixed signs with some bigger divergence on the daily charts. The altcoin was trading for $0.35 on the daily chart and the resistance for the coin was set at $0.48 so before XRP revisits this price level again, the coin has to trade above $0.40. going by the near-term technical outlook, the coin could lose on the daily charts once again.

The support region for the coin is near $0.30 to $0.28 in the case of another fall with the amount of XRP traded in the past sessions increasing and signifying the sellers are getting active on the market. Indicators were bearish as well and in accordance with the profit booking, the number of sellers increased in the number at the time of writing. The RSI index slipped below the half-line which shows bearishness as the sellers took over the market. On the 20-SMA line which is the price of XRP parked below the 20-SMA line, signals that the selling pressure mounted because most sellers drove the price momentum on the market. The charts displayed a chance of a correciton and on the RSI, the positive divergence was formed. The positive divergence shows that buying strength will return and help the price of the coin to go north on the chart.

xrp pricde
XRP was priced at $0.34 on the one day chart Source XRPUSD on TradingView

The sellers re-entered the market but XRP continued to flash buying signals in the market. This can mean that it followed the present sell-off and that XRP can try to secure the gains. The Awesome Oscillator shows price momentum and accounts for reversal which the indicator shows green signal bars.

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