XRP
XRP’s Price Action Suggests a Possible Opportunity for Buyers
Ripple (XRP) has seen a steady drop in price over the past three months after plunging below the $0.795 level and buyers have not been strong enough to enable a trend reversal beyond the bonds of the 20 EMA.
On the bright side, if XRP can rebound from the two-month trendline support, it could open up the possibility of a short-term recovery. In this case, the sellers would try to curb the bullish volatile move in an attempt to initiate a squeeze phase near the $0.3 level.
The bearish rally over the last two months has formed a two-month resistance that recently transformed into support on XRP’s daily chart. Ever since mid-April, this area has been an important area of value for the crypto.
After grazing its 16-month low at $0.33 on June 18, XRP was able to bounce back to the $0.28 support. If XRP can recover from the $0,32 zone, it could help buyers test the 38.2% level at the $0.34 level. If buyers find a close above this level, the golden Fibonacci level will be retested.
The bearish Relative Strength Index (RSI) fell back to bearish after reversing from the midline. If the 36-mark could be revived, it could help buyers test the $0.34 level.
Although XRP’s CFM has dipped below the zero point, the lower troughs are creating the possibility for a bullish divergence.
According to CoinMarketCap, XRP is currently worth $0.3138 after a 4.75% drop in price over the last 24 hours.
