- XRP Coin also face a significant selloff with weak global crypto market sentiment while still placed above 100 and 200-DMA lines
- The digital asset over the monthly chart witness sharp profit-taking, and as a result, the token slips below 20 and 50-DMA lines.
- The pair of XRP/BTC is trading at 0.00002345 BTC with an intraday loss of -6.64%, and the ratio of XRP/ETH is CMP at 0.0003232 ETH with a 24-hour change of -5.98%.
XRP coin is trading near its psychological support level of $1.00, where we observed multiple bouncebacks. The crypto asset over the monthly chart witnesses a solid and deep correction from higher levels. However, the coin manages to hold its 100 and 200-day support lines, despite weak market sentiment. If the coin manages to hold its significant vital support of 100 and 200-DMA, with positive volume action, we can soon see a strong comeback. However, XRP can face the hurdle of a 20-day short-term moving average line on the higher side.
Volume action over the chart is also witnesses strong growth and needs to grow more to hold its major supports. Support on the lower side is at $0.84 and $0.72, whereas resistance on the higher side is $1.18 and $1.30.
XRP coin technical parameters reaches the oversold zone after selloff
XRP coin over the weekly chart is trading sideways, after a sharp selloff from higher levels. In contrast, the coin is now trying to hold the $1.00 mark with average volume activity. The technical parameters are trading near the oversold zone, while we can expect a bounce in upcoming sessions. Presently, the XRP price is trading at $1.089 with an intraday loss of -14.02%, and the volume to market cap ratio is at 0.2376.
Relative Strength Index (OVERSOLD): XRP coin RSI presently reaches near the oversold zone after a sharp correction from the overbought zone. In contrast, the RSI trades at the oversold zone while a short-term bounceback or recovery is expected, and now CMP is at 33.
Moving Average Convergence Divergence (BEARISH): The daily chart indicates a Bearish trend at the 4-hour time frame. At the same time, the seller’s line (orange) overpowers the buyer’s signal line (blue), with a negative crossover.
Support levels: $0.84 and $0.72
Resistance levels: $1.18 and $1.30.