Beginning to look like the world’s biggest shit coin again. 200 EMA on the 1 hour, let’s see if we can hold it and get back in structure. Image Courtesy of NekoZ. Source: XRPUSD on TradingView.
XRP has been flashing some signs of powerlessness throughout the past number of weeks and days, with the selling pressure seen around the mid-$ 0.60 area revealing to be too substantial for the cryptocurrency to prevail over.
Where it patterns in the mid-term will depend mostly on whether this level continues holding strong as resistance.
If it breaks above this level, then the crypto might rapidly see some huge momentum that establishes another leg greater.
Trader Claims the Token remains in a Precarious Position
One trader talked about XRPs rate action and market structure in a recent tweet, discussing that some serious indicators seem to indicate a disadvantage may be impending for the presently embattled cryptocurrency. The coming number of days must shed some light on the long-lasting value of the recent XRP rally, as any downtrend here may result in a complete erasure of its recent gains.
This powerlessness comes regardless of the upcoming airdrop that has actually been widely considered as a bullish catalyst –—- a pattern that may be emblematic of this recent rally being merely based on speculative trading activity.
There are a couple of technical levels that, if dominated, might strengthen its market structure and help lead it higher in the weeks and days ahead.
A failure to recover these levels would be open and dire evictions for serious drawbacks.
XRP Struggles to Hold Above $0.60 as Selling Pressure Mounts
At the time of composing, XRP is trading up simply under 6% at its existing rate of $0.58.
Although this marks an extreme rebound from its overnight lows of $0.54, it is essential to bear in mind that the cryptocurrency is still trading well-below its recent $0.90 highs.
The $0.60 level appears to be critical for the cryptocurrency, as breaks listed below it appear to tilt the balance into bears favor, whereas bouts of trading above it substantially choose bulls.
How it reacts to this level heading into the weekly close ought to supply insights into where it will trend in the weeks ahead.