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Crypto Hot News Why XRP traders must be wary of these levels before placing their bets

Hot Crypto News Today Why XRP traders must be wary of these levels before placing their bets You Must Read To Get More Information For Trading and Investment.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

XRP saw a solid devaluation like most of its peer altcoins following the market-wide liquidations. XRP steadily declined while flipping the three-month trendline resistance to support (yellow, dashed). 

Meanwhile, the buyers struggled to break out of the chains of the 38.2% Fibonacci level in the daily timeframe. But the close above the 20 EMA has reflected a recent uptick in buying pressure.

A close above or below the $0.33 zone would be vital to make the most out of XRP’s future movements. At press time, XRP traded at $0.3381.

XRP Daily Chart

Crypto Hot News Why XRP traders must be wary of these levels before placing their bets

The price action marked a strong rejection at the 38.2% Fibonacci resistance. Should the current candlestick close below the $0.34-level, XRP would witness a bearish hammer on the chart.

A below the 20 EMA could help the sellers pull XRP to retest the $0.3096-zone in the coming sessions. The alt could continue its sluggish phase near this area.

On the flip side, an immediate recovery would help the buyers test the 50% level in the $0.36-region. The buyers must wait for a compelling close above the immediate resistance before placing calls.

Crypto Hot News Why XRP traders must be wary of these levels before placing their bets

The Relative Strength Index (RSI) displayed a rather neutral bias at the time of writing. A sustained position below the midline would help the sellers take charge of the near-term trend.

Furthermore, the Accumulation/Distribution (A/D) line saw a bearish divergence with price over the last few days. This reading entailed the possibility of a distribution phase. 

XRP 4-hour Chart

Crypto Hot News Why XRP traders must be wary of these levels before placing their bets

On a rather shorter timeframe, XRP saw an up-channel oscillation that saw a recovery barrier near the 61.8% Fibonacci resistance. 

As a result, this reversal provoked an evening star candlestick setup on the chart whilst the sellers try to break below the pattern. An inability of the buyers to propel breakdown could delay the short-term bearish efforts.

Conclusion

XRP’s reversal from the 38.2% resistance on the daily timeframe could provoke a rebounding opportunity for the sellers. Also, the bearish divergence on the A/D would further heighten these chances. The targets would remain the same as above.

However, keeping an eye on Bitcoin’s movement and the broader sentiment would be important to determine the chances of a bearish invalidation.

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Written by thegamefi

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