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Major Support Aims For $0.80; Time To Buy?

Rekha chauhan

XRP price continues to fall for the second day after a minor pause on Wednesday. The price remains pressured near the vital support area around $60.0. However, the bounce back is still a distant possibility for the XRP buyers.

  • XRP price continues to fall on Friday amid intense selling pressure.
  • The price hovers near the crucial support zone around $0.60, expect a bounce back in the price at least in the short term.
  • However, the downside risk remains intact as the price lost 12% on the weekly basis.

As of writing, XRP/USD is exchanging hands at 4.83% for the day. The 24-hour trading volume of the eighth-largest cryptocurrency is holding at $1,698,644,696 as updated by the CoinMarketCap.

XRP price trades near the support levels

Source: Trading view

On the daily chart, as the price meets the ‘double top’ formation near $0.91 it resulted in a retracement. First on February 9, and next on March 28, however, the retracement found support at around $0.60.

Now, the price consolidates near crucial horizontal support, a sustained buying momentum could push the price higher to recapture the 21-day ema (Exponential Moving Average) at 0.71

A resurgence in the buying order would push the buyer limit toward $0.80.

Source: Trading view

On the weekly chart, an acceptance above the 50-day ema would chase the horizontal resistance line at $1.0.

On the flip side, a failure to hold $0.60 on the weekly basis would invalidate the bullish outlook in the asset. On the lower side, the first downside target could be found at the lows of July at $0.51 followed by the horizontal support level at $0.40.

Technical indicators:

RSI: The relative strength index hovers near the oversold zone below the average line. Currently, it reads at 26.

MACD: The moving average convergence divergence indicates receding bearish momentum while holding below the midline.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

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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