Disclaimer: The results of the following analysis are the author’s opinions alone and should not be considered investment advice.
XRP’s the last The breakdown revealed short-term recovery trends from the $0.32 support level. However, the drop below the EMA lines has accelerated the long-term bearish edge on the daily chart.
Buyers are now trying to stop the bleeding of the recent bearish breakout. However, a reversal from the $0.3319 level should help the sellers to re-establish their strength to start the recession phase. At press time, XRP is trading at $0.3303, down more than 11.2% in the past month.
XRP daily chart
After a roughly two-month swing-up channel, the sellers reclaimed the coin’s long-term supply zone in the $0.36-$0.39 range. This spin caused a reversal below its EMA range. The breakout of the bearish flag reached the $0.334 level, turning it into immediate resistance from support.
Here, the bears may be looking for a reversal from the $0.33 region, especially as the gap between the southern EMA ranges widens.
A possible reversal from the $0.33 support could position XRP to retest the $0.32 support. A possible close below this support level would only add to the downside pressure towards the $0.309 level in the upcoming sessions.
Buyers should find a way to test the 20 EMA to break the time constraints of the bearish pressure in the above mentioned price range.
The Relative Strength Index (RSI) has continued to swing out of balance in recent days. A possible close above the 50 level may indicate a decline in selling pressure.
The accumulation/distribution trend (A/D) also showed higher lows to show a relatively moderate bullish divergence with the price. A reversal from the immediate resistance level will confirm this divergence.
On the other hand, the DMI lines revealed a neutral site. However, the ADX indicator predicted a rather weak trend direction.
Given the bearish reversal of XRP below the $0.33 level and the southern EMA range, the sellers are looking to maintain their advantage in the upcoming sessions. The Goal It will remain as discussed.
It is also important to keep an eye on Bitcoin’s movement and broader sentiment to identify opportunities for bullish reversal.