XRP Consolidates, Is It Going To Retrace Now?
June 04 2022 - 8:00PM
NEWSBTC
XRP among other leading altcoins have been consolidating on its
chart. Bitcoin slid below the $30,000 price level which has
dampened the price action of altcoins. Over the last 24 hours, XRP
made no price movement. In the last 24 hours, the altcoin gained a
minor 2.4%. On the chart, the coin displayed bearish price action
as the coin might be breaking the consolidation. The coin currently
has found support at $0.34. The coin last touched the price level
in the month of February 2021. If the coin pushes below further
then it may touch the support level of $0.28. The global
cryptocurrency market cap today was at $1.28 Trillion with a 0.7%
positive change in the past 24 hours. If bulls still continue to
struggle to break past the $0.43 resistance level then the coin is
headed for another downslide. XRP Price Analysis: One Day Chart The
coin was trading at $0.38 at the time of writing. The local support
level for the coin stood at $0.33. If the coin continues to
experience selling pressure then it could fall to a low of $0.28.
Overhead resistance for the coin stood at $0.40. For the bulls to
be back, XRP needs to break past the aforementioned price
resistance and trade near $0.43. The volume of XRP traded had
plummeted as seen on the one day chart. The volume bar was seen in
the red which showed bearish significance in the market. Technical
Analysis The buying strength tried to rise on the chart. After the
coin was oversold it recovered slightly as seen on the Relative
Strength Index. At the time of writing, the RSI was above the
oversold zone, despite the same selling pressure was strong in the
market. The price of XRP was struggling to move over the 20-SMA
line. At press time the coin was still below the 20-SMA signifying
that bears were driving the price momentum in the market. In case
the demand for the coin shows up, the coin can move above the
20-SMA line which could push XRP to trade near $0.40 price mark.
Related Reading | Arthur Hayes Says Ethereum (ETH) Could Reach $10K
Level By The End Of Year XRP could soon bottom out and then aim for
the next resistance level. The coin displayed a buy signal on the
chart. The Awesome Oscillator depicts the price momentum and it
displayed a change in price momentum. The green signal bars on the
AO are synonymous to a buy signal which can also mean a change in
the price action. The Directional Movement Index was positive which
corresponded with the AO. The +DI was above the -DI line indicated
bullish build-up. The Average Directional Index was also above the
40 mark and that is a mark of price trend strengthening in the
market. Related Reading | Polkadot At $9.30, But Is There A Chance
Of Slight Shift In Trend?
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