- The XRP token price is showing bearish signs after the bearish momentum in the previous week.
- The XRP token price is forming an inverted rounding top pattern on a daily time frame.
- The pair of XRP/BTC is trading at the price level of 0.00002270 with a decrease of -0.96% in the past 24 hours.
According to price action, the XRP token price has bounced off the demand zone after a big sell-off the previous week. The XRP token price is currently in the demand zone. On an hourly basis, the XRP token price is forming lower high and lower low price structures. As the price of the XRP token fell, it breached an important demand zone in a shorter time frame.
The XRP token price fell rapidly after breaking a crucial hourly demand zone with a strong bearish candlestick pattern. XRP cryptocurrency is currently trading above a key demand zone after forming a bullish candlestick pattern, resulting in a rebound back. The price of the XRP token is currently trading below the 50 and 100 Moving averages. The recent market bearishness has resulted in the XRP token price breaking through the 50 and 100 MAs.
As the token price rises, it is met with significant resistance from these moving averages. The XRP token price is currently trading at the lower band of the Bollinger band indicator after briefly exceeding the upper band. The price of the token has also fallen below the 14 SMA. Because volumes have increased, investors should remain cautious and wait for a clear bullish signal from the demand zone.
The XRP token price is forming a bearish chart pattern on a daily time frame
Relative Strength Index: RSI curve is trading at the price of 41.63 as the token falls off the demand zone. At present, the RSI curve has fallen below the 20 SMA. The token is forming higher low and higher high formation on an hourly time frame as the token shows bullishness in the higher time frame. The XRP token price can be seen moving if it sustains the recent gains and if it does then the RSI curve can be seen moving even higher up supporting the trend. Once the RSI curve crosses the halfway mark of 50, the XRP token price can be seen moving up quickly.
Moving Average Convergence Divergence: MACD indicator has given a negative crossover as the token gave a breakdown of the demand zone on a lower time frame. The blue line crossed the orange line on the downside. This has resulted in the token price moving down strongly in a 4-hour time frame. The fall in the XRP token price has been strong and therefore the MACD lines were seen widening. As of now, the token price has bounced off the demand zone, and if the same continues then the MACD line can be seen giving a positive crossover.
Average Directional Movement Index: ADX curve has slipped below the 25 mark as the token price broke the demand zone. As of now, the ADX curve has turned sideways, as the XRP token price shows some bullishness. Therefore, the XRP token price can be seen halting on the lower time frame and changing the price structure. Once the token bounces off the demand zone, the ADX curve can also be seen dipping out of the 25 mark.
Conclusion: According to the price movement, the XRP token price is trading in the demand zone. Despite the XRP token’s recent bullishness off the demand zone, the technical metrics remain unfavourable. If the XRP token price can successfully move in an upward trend, the technical parameters will turn positive, otherwise it will fall further. Investors should wait for a clear trend before acting.
Support: $0.35 and $0.32
Resistance: $0.42 and $0.45
