Monday, February 26, 2024

XRP Breaks Below Long Standing Support But What’s Next?

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XRP breaks below the long standing support after it flashed lateral price movements at the time of writing so let’s read more in today’s latest Ripple news.

The coin registered some gains in the past 24 hours but was quite minor. The bulls are not back on the market so for the bulls to be back on the market, it is essential for XRP to move above the $0.60 mark. The technical outlook for XRP hasn’t really completed the recovery because the bears are still in charge of the price. The one-day chart of XRP continued to show bearishness on the charts and on the week, XRP fell by 7%. the coin did bring some symmetrical patterns on the charts which also meant that XRP has a chance of moving on the upside it was uncertain if the altcoin will be able to hold ont the current price action.

XRP registered an increase in buying strength on the one day chart Source XRPUSD on TradingView

As XRP breaks below long-standing support and the directional breakout from the triangle could make the altcoin either trade north or move towards the south. The altcoin was trading at $0.41 on the daily chart and XRP was also trading below the long-standing support line of $0.42 so the asset hadn’t gone below the price level in a year while a push below the price mark can make the coin trade below $0.30. breaking below this level could push XRP near the $0.24 and since the coin registered a smaller symmetrical triangle and can be so that XRP can move ups or downs from here with the overhead resistance being $0.48.

XRP recovered on the charts and the coin moved away from the oversold region with the RSI being close to the 20-mark meaning the coin was not undervalued. Buying the strength came back on the market but the altcoin was in the grasp of the sellers. If continued selling pressure remains the coin could trade closer to the immediate resistance mark. The asset was below the 20-SMA line and this was in accordance with the sellers being in control which means the sellers were responsible for the price momentum in the market.

XRP was priced at $0.41 on the one day chart Source XRPUSD on TradingView

The Bollinger bands are used to show the price volatility of the asset and on the daily chart, the Bollinger Bands were seen wide open. The reading meant the coin was not about the witness of immediate price fluctuations in the market. It can be so that the coin could continue consolidating over the next trading sessions.


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