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The slow and steady recovery in Ripple(XRP) price approaches the $0.8-$0.9 resistance zone. The lack of strong bullish momentum and decreasing volume activity may tease a bearish reversal, but, in that case, the support trendline breakdown stands as a key confirmation for short-sellers.
Key points:
The XRP price action narrowing within the wedge pattern
The daily-RSI slope rising with no signs of weakness
The intraday trading volume in the XRP is $2.07 Billion, indicating a 57.6% loss.
Source-Tradingview
On March 7th, the XRP/USDT pair rebounded from the $0.7 local support. However, the new recovery sets a low pace as it is confined within a rising wedge pattern. The coin is currently trading at the $0.84 mark, indicating an 18.58% gain from the bottom support.
The price action is gradually narrowing inside the two converging trendlines, suggesting a breakout is on its way. In addition, a rising wedge pattern usually boosts intense selling pressure when the price breaches the support trendline.
Thus, if the XRP price gives a daily-candle closing below the dynamic support, the traders can expect a 16% fall to the $0.7 mark.
However, until the pattern is intact, the short-term trend remains bullish. A significant buying momentum and trading volume pump could pierce through $0.9 resistance, opening the path to $1.
Technical Indicator
The 50-and-100-day SMA has recently given a bullish crossover that could attract more buyers. Moreover, the 200-day SMA situated near the $0.9 mark strengthens the defense line for sellers.
The gradual rise of the daily-RSI slope shows that buyers are wresting control from sellers. The sustained bullish momentum would lead the RSI slope to the overbought region.
Resistance level: $0.88-$0.90 and $1
Support levels: $0.78 and $0.7
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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