Friday, December 9, 2022

XRP Flashes Signs Of Revival But Where Is It Headed Next?

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XRP flashes signs of revival after its price nosedived and wasn’t able to gain momentum to rise higher. Now it is trading near its immediate support level of $0.36 so let’s read more about it in today’s latest XRP news.

Bitcoin continues to be on some shaky ground as the coin tried to recover past the $30,000 price point but then fell back to $29,700. Most of the industry’s altcoins continued to extend losses and the bearish pull remained strong on the market. Over the past day, the market bottomed out which is why a chance of a price revival can be considered. The technical outlooks on the coin show that a relief rally could be on the charts but the macro market is fragile. The strength from the broader market will be needed so that the sellers don’t outnumber the buyers in the market and force the prices to fall again.

xrpusd
XRP displayed a fall in buying strength on the four-hour chart Source XRPUSD on TradingView

XRP flashes signs of revival and was trading at $0.42 at the time of writing. The coin pretends to sign before only because XRP soared 10% in the past day and it is still quite uncertain if XRP will manage to trade above the nearest support line of $0.36. A break below can cause the coin to tumble to a low of $0.13 with the buyers returning and XRP might even try to trade above the resistance of $0.56. XRP flashed an equal high on the weekly chart which is a pattern connected to bullish price actions on the market. Toppling over the resistance can push the coin to $0.68 and say above which can also invalidate the bearish thesis on the market.

The volume of XRP traded increased and the bar was in the red. The coin tried to make a price revival but then continued the selling pressure which got the bulls tired. The same can be seen from the 20-MA indicator. The price of XRP was seen below the 20-SMA line and the reading outlined the sellers were driving the price momentum on the market. The RSI faced a huge selloff across the market so the buyers returned and XRPwas no longer seen in the oversold zone on the RSI. XRP fell prey to the bears and RSI flashed a downtick that outlined the increased selling pressure.

xrp sd
XRP displays growing capital inflows on the four-hour chart Source XRPUSD on TradingView

With the price revival, XRP’s technicals displayed an onset of positive price action which is too early to stay if it is a beginnign of a shift in the price action.

 

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