XRP Price Forms This Pattern On Its Chart, What Does It Mean For XRP?
19 October 2022 - 12:00PM
NEWSBTC
The XRP price has appreciated over the last 24 hours as market
movers also witnessed the same price movement. The coin gained 1.6%
in that time frame. It is, however, still safe to say that the
asset is consolidating. In the past week, the XRP price has barely
shown any movement, confirming sideways trading. The technical
outlook for XRP shows that buyers are losing control of the market
as selling strength continues to mount at press time. XRP has to
move past its immediate resistance line, and then only then will
buyers regain strength. The coin has also formed a symmetrical
triangle pattern over the last week. This pattern is connected with
either a breakout or a breakdown in price, as it also confirms that
the coin has been trading laterally. On the developmental front,
Ripple began testing its XRP Ledger Sidechain, which is compatible
with Ethereum Smart Contracts. This new development is yet to have
an effect on the asset’s price. XRP Price Analysis: One-Day Chart
The altcoin was trading at $0.47 at the time of writing. As seen on
the one-day chart, XRP price also formed a symmetrical triangle
pattern, which hints at either a breakout or a breakdown in price.
Buyers have struggled to lift the price of XRP but met with sellers
each time the coin visited the immediate resistance level. The
overhead price ceiling was set at $0.51. A move above $0.51 will
cause the XRP price to experience a breakout, which would then
increase the buying strength. The local support level of the coin
stood at $0.44 and a fall from that level could bring XRP to $0.40.
The amount of XRP traded in the last session declined, pointing to
a fall in buying pressure. Technical Analysis The rise in price did
not prove to be beneficial for the buyers as the coin registered a
fall in the buying pressure. Indicators pointed out that sellers
could take over the market in the next trading session. The
Relative Strength Index was still above the half-line but the
indicator was inching closer to the half-line. This signifies that
the sellers would outnumber buyers soon. The XRP price was also
below the 20-SMA line, and that signalled a fall in demand, the
reading meant that sellers were driving the price momentum in the
market. Related Reading: Polygon’s MATIC Price Prediction: Why
Bulls Aim $1 or Higher In accordance with the other technical
indicators, XRP also noted sell signal on its chart. The Moving
Average Convergence Divergence indicates the price momentum and
strength of the asset. The MACD showed a bearish crossover with red
histograms, which were sell signal for the coin. The Parabolic SAR
displays the price direction of the asset, determining if it is
bearish or bullish. The dotted lines above the candlestick indicate
that XRP price will witness a fall over the upcoming sessions.
Related Reading: Ethereum Price Attempts To Move Upwards As It
Tries To Break Consolidation, What’s Next? Featured image from
Nasdaq, Chart: TradingView.com
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