August 9, 2022

CryptoTraders365

Ripple Price Analysis: Following the Crash to $0.6, is XRP’s Correction Over?

2 min read
8 months ago Barry Bailey

Key Support levels: $0.75, $0.70

Key Resistance level: $0.89

Ever since XRP was rejected by the $1 resistance, the price went through a continuous decline which was exacerbated by the market crash on Saturday. The assistance at $0.89 was become resistance throughout the crash, and the next essential assistance level is found at $0.75.

In spite of this unpleasant downtrend, XRP’s cost action appears to indicate that the bulk of this correction might approach completion. Particularly since the downwards momentum is losing strength, and each subsequent red everyday candle after the crash was smaller. Today’s candle light, even if red, could be analyzed as a bullish hammer, which is a turnaround signal.

Chart by TradingView Technical Indicators Trading Volume: The volume has reduced after Saturday’s crash. This is a bullish sign for a possible reversal. RSI: The day-to-day RSI is in oversold area at 25 points. The last time the daily RSI was this low was in March 2020.

For thisreason, this downtrend may pertain to an end soon. MACD: The MACD continues to be bearish, and both the histogram and moving averages made a lower low. It’s important to be client as XRP needs more time to begin a turnaround, and probably a bullish divergence on the RSI and MACD histogram will be needed before this materializes.

Chart by TradingView Bias

The current XRP bias is bearish. The signs remain unfavorable, but there are some hints that this crash may concern an end.

Short-Term Prediction for XRP Price

The bulls suffered defeat after defeat this previous week and were not able to stop XRP from falling listed below multiple assistance levels. However, the present support at $0.75 and $0.70 may stop this downtrend and offer bulls wish for a reversal.

Barry Bailey

See author's posts

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