XRP Price Extends Double Bottom Formation, Wait for Bullish Breakout

• XRP price formed a double bottom near the demand zone on the daily chart.
• Buyers often fail to push crypto prices above the 200-day moving average.
• The trading volume decreased by 13.26% to $1.9 billion in the last 24 hours.

XRP maintains its position at 7th position according to CMC ranking despite the crypto market crisis. Amid this decline, many cryptocurrencies have hit their latest yearly lows, but XRP remains in its key demand zone. The bears tried hard to break this level but they got frustrated at this level.

Due to the recent fall in prices, buyers have to put in extra efforts to maintain the demand zone. As a result, buyers flipped the trend bearish twice this month, forming double bottoms just above the demand zone; as a result, the weekly candle remained 12.4% higher this week.

Source: XRP/USDT by Tradingview

Against the USDT pair, XRP price is trading at $0.3833 mark at the time of writing. Although, price action forms lower-highs below the downsloping trendline. Buyers must break this resistance trendline to propel asset prices until the next resistance zone. Furthermore, the XRP coin belonging to the Bitcoin pair is in the green by 1.38% at 0.00002284 satoshis.

Source: XRP/USDT by Tradingview

In terms of the daily price scale, Buyers often fail to push crypto prices above the 200 day moving average. Even all significant SMAs like 20,50 and 100 stay above the current price. Although, trading volume has been decreasing for the past several days and speculators witnessed a volume decrease by 13.26% in the last 24 hours at $1.9 Billion.

Daily RSI indicator is making higher-lows which hints at a recovery sign. It gradually moves towards the semi-line (50 mark).

Conclusion

After double bottom formation, the XRP coin is aiming to break this resistance trendline. Although, the double bottom formation is suggesting more price rally towards the resistance zone. Buyers must regain the 200 day moving average to survive ahead.

Support level – $0.30

Resistance level – $0.45 and $0.55

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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