XRP Price Is On The Rise But Have The Bulls Regained Momentum?
27 August 2022 - 11:00AM
NEWSBTC
XRP Price has met with selling pressure again after it slipped from
the $0.37 price mark. The altcoin has been consolidating over the
past one week and over the last 24 hours, it lost 1.2% of its
market value. In the last seven days, XRP price depreciated close
to 8%. Confidence from buyers started to fade given how long XRP
has traded below its immediate resistance mark. Broader market
weakness has also set it given Bitcoin’s move to $20,800 at press
time. The technical outlook for Cardano (ADA) has turned bearish
which was seen by the number of sellers in the market. Due to a
lack of demand for Cardano, selling strength had taken over the
chart. The altcoin was trading quite close to its closest support
level. The continued price action could push the XRP price to the
next support line. In order for the bulls to be back, it is
important that demand for XRP pushes up over the immediate trading
sessions. Cardano Price Analysis: Four-Hour Chart The altcoin was
trading for $0.34 at the time of writing. XRP was trading quite
close to the closest support level hence, could soon fail to defend
the $0.34 support line. The next support level for the coin stood
at $0.31. XRP’s overhead resistance was at $0.37, the bulls were
rejected from that price mark as recently as a few trading sessions
ago. If XRP continues to struggle below the $0.37 mark, it could
revisit $0.29 over the next trading sessions. The trading volume of
XRP shot up on the chart, this indicated that the selling pressure
has mounted. Technical Analysis The altcoin registered a fall in
the buying strength at press time. Broader market weakness could be
blamed for the recent fall in XRP price. The Relative Strength
Index was parked under the half-line and that meant selling
pressure overpowering buying strength. XRP price moved below the
20-SMA indicating lesser demand and that sellers were driving the
price momentum in the market. Related Reading: Dogecoin Price
Movement Thwarted By Sellers, What’s Next On Chart? The recent fall
in price hasn’t been reflected in the other technical indicators as
seen on the chart. XRP continued to display a buy signal. Moving
Average Convergence Divergence indicated the price momentum and if
there were chances of a possible reversal. MACD pictured green
signal bars on the half-line which are indicative of a buy signal,
however, the signal bars were diminishing in size. This indicated
selling strength taking over. The Directional Movement Index read
the price momentum and direction. DMI was still positive as the +DI
line was above the -DI line but +DI noted a sharp fall. Average
Directional Index (red) was below 20 portraying that the bullish
strength has completely lost strength. Buyers and broader market
strength could help the coin recover. Related Reading: Bitcoin
Approaching $22K, Market Gets New Reason to Celebrate? Featured
image from Pexels, charts from TradingView.com
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