XRP Retest Crucial Support Near $0.36; Time To Enter?

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Published 21 mins ago

XRP price analysis shows sideways movement with no clear directional bias.  The price moves lower for the five consecutive sessions. lack of volatility results in smaller price action. This, indicates lack of investors interest in the seventh largest cryptocurrenyc by market cap. After testing the swing highs near $0.41, the XRP price is falling continously.

XRP price trades with modest losses on Thursday.
A daily candlestick above $0.38 would result in the continuation of the upside momentum.
A fall below the critical 50-day EMA at $0.36 will reign in more losses.

As of publication time, XRP/USD is trading at $0.36, down 0.12% for the day. The 24-hour trading volume dropped more than 14% to $951,567,211 according to the CoinMarketCap data.

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XRP price extends consolidation

Source: Trading view

XRP traded in a short-term consolidation pattern  since June 12. After testing the tripple supprot near $0.30 on July 26, the price moved in an uptrend , making higher highs and higher lows. On July 28, the price gave a breakout of the 50-day moving average. Currently, the XRP price is retesting the breakout level placed near $0.36.

After giving an impulse move from $0.32 to $0.41, XRP’s price takes a retracement from a higher level to the 50% Fibonacci level, which is at $0.365. 

The daily chart shows XRP’s price formed a substantial support zone from $0.35 to $0.36. At the same time, the nearest resistance is at $0.388.  If the price is able to close above  $0.388, with good volumes then we can expect a good to bullish momentum up to the highs at $0.41.

On the flip side, a renwed selling pressure could drag the price lower. A break below the critical supprot of $0.36 will bring more losses in the token. In that case, the first downside would be $0.34 followed by the low of July 26 at $0.32.

Source: Trading view

On the hourly time frame, the price is forming a bullish flag and pole pattern, with very good support at $0.365. According to this pattern, If the price breaks above $0.3715, then we can expect a good bullish momentum of up to $0.38.

On the other hand, a break below the $0.3610 level could invalidate the bullish outlook. And the price can be below $0.34.

XRP price make yearly lows of $0.28 in June. Since then the price has appreciated nealry 46% in one-month. A strong resistance is placed around $0.40, to break the short-term downtrend the bulls must bring fresh tradign impetus.

XRP is bullish on all time frames. Above $0.3715  closing on the hourly time frame, we can put a trade on the Buy side. 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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