- XRP token price is facing resistance from the trendline forming above.
- The technical summary suggests sell signals in the current trading session.
The XRP Ledger (XRP) is a decentralized open-source and permissionless technology launched in 2021. Investors can get low-cost transactions, speed, scalability, and inherently green attributes on this platform, especially for carbon neutralization and energy efficiency. The protocol has built-in custom tokenization capabilities and features the first decentralized exchange (DEX) in the XRP Ledger.
The XRP Token Has Gotten a Positive Response from the $0.33313 Level
The XRP token price experienced a major bullish reversal on January 2, 2023. It formed a strong bullish rejection candle on the $0.33313 support level and surged 77%. That resulted in the breakout of the $0.49677 resistance level.
On the other side, the 50-day and the 200-day EMAs also had a bullish crossover with each other at the $0.41052 level. It became the bullish correction point for the next rally, which took place in May 2023 at the $54743 resistance level.
Subsequently, the XRP token price made a pullback on the decisional demand zone of $46806. Afterward, it formed a massive, impulsive bullish candle, surging more than 100% from that level. Made that level a strong entry point for the Bulls.
The XRP token price took support multiple times on that level, which reflects the buyers’ sentiments. The 24-hour trading volume and the market capitalization of the XRP token are ranked 10th and 6th out of 8846 active cryptocurrencies.
Technical Analysis of the XRP Token Price
The 50-day EMA has made a bearish crossover with the 200-day EMA at the $0.56387 level, representing the weakness in bullish strength. Both the EMAs are suggesting negative signals in the current trading sessions.
The XRP token price is facing resistance multiple times from the trendline forming above. The price is resting on the $0.49677 support level, which is preventing it from falling. However, the level can still play as a demand zone unless it gets broken.
At press time, Ripple price is trading at the $0.54806 level. It got several rejections from the $0.58039 resistance level. Consequently, it is forming negative candles at that level, reflecting the sellers’ presence. It may soon give a breakout from $0.58039.
On the other hand, the relative strength index (RSI) shows internal bullish divergence. It can be a positive indication in the current trading session. The RSI is sloping at 52.69 above the 50-mark middle band.
Conclusion
The current XRP token price is respecting the trendline forming above. It faced rejections multiple times from that line, making it a strong resistance point. If the XRP token price gives a breakout from that line, it may soon rise toward the $0.71925 resistance level. However, the price is supported by the $0.46806 level. If it gives the breakdown of that level, a short-term fall can be expected.
Technical Levels
- Resistance Levels: $0.58039 and $0.74940
- Support Levels: $0.46806 and $0.36471
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading stocks comes with a risk of financial loss.