XRP Slips, but Is This Correction Just a Build up to a Surge?
The Ripple price is testing a key support level at $0.5915 after it entered into a bearish trend in the past 24 hours. Despite this pullback, there was still a positive medium-term trend line present on XRP’s charts.
Should the Ripple price break below the $0.5915 support, it may retest the positive trend line in the following couple of days. Dropping below the trend line could see the altcoin fall to the subsequent support level at $0.55.
In an extremely bearish scenario, the Ripple price could plummet all the way down to $0.5025 in the short term. This bearish thesis may be invalidated if the Ripple price maintains a position above the $0.5915 mark for the next 24 hours. This could then set up the crypto to rise to the strong resistance level at $0.6385 in the following week.
Technicals Point to a Short-Term Correction
Technical indicators on XRP’s 4-hour chart suggested that the Ripple price may continue to drop in the upcoming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) were in favor of sellers.
The MACD line was closing in on the MACD Signal line. Should these two lines cross in the next 24 hours, it will trigger a significant bearish technical flag, which will signal that XRP’s negative trend may continue in the following 24 hours.
In addition to this, the RSI broke below its Simple Moving Average (SMA) line over the past 24 hours. This specific technical flag indicates that sellers have gained the upper hand against buyers on XRP’s 4-hour chart. As a result, it will be easier for bears to drag the Ripple price down in the short term than it will be for bulls to boost it.
Should the Ripple price break below the $0.5915 support, it may retest the positive trend line in the following couple of days. Dropping below the trend line could see the altcoin fall to the subsequent support level at $0.55.
In an extremely bearish scenario, the Ripple price could plummet all the way down to $0.5025 in the short term. This bearish thesis may be invalidated if the Ripple price maintains a position above the $0.5915 mark for the next 24 hours. This could then set up the crypto to rise to the strong resistance level at $0.6385 in the following week.
Technicals Point to a Short-Term Correction
Technical indicators on XRP’s 4-hour chart suggested that the Ripple price may continue to drop in the upcoming days. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) were in favor of sellers.
The MACD line was closing in on the MACD Signal line. Should these two lines cross in the next 24 hours, it will trigger a significant bearish technical flag, which will signal that XRP’s negative trend may continue in the following 24 hours.
In addition to this, the RSI broke below its Simple Moving Average (SMA) line over the past 24 hours. This specific technical flag indicates that sellers have gained the upper hand against buyers on XRP’s 4-hour chart. As a result, it will be easier for bears to drag the Ripple price down in the short term than it will be for bulls to boost it.