XRP Technical Analysis: Retracement From $0.36 Warns Bearish Trend

The Ripple(XRP) price action shows an increase in selling pressure above $036, resulting in a retracement to retest the broken trendline.  Key technical points: 

• The XRP prices dropped by 5.59% in the last 24 hours.
• The price action showcases a bearish reversal from  $0.36 challenging the 50-day SMA.
• The 24-hour trading volume of Ripple is $1.34 Billion, indicating a drop of 17%.

Past Performance of XRP

XRP price action displays a bullish reversal from $0.30, breaking the long-coming resistance trendline on 16th July with a 5% jump. The bull run accounts for a price jump of 20% to reach the $0.36 mark. However, the supply dump above the resistance level influences a retracement of 6.5% over the past two weeks, influencing a retest of the broken trendline.

Source- Tradingview

XRP Technical Analysis 

The XRP price chart shows the falling trend in trading volume during the downfall, which increases the likelihood of a bullish turnaround after a successful retest. Moreover, the 50-day SMA acts as the last stand to keep the market value floating above the $0.35 mark. The RSI indicator shows a weakness in the underlying bullishness as the RSI slope stepbacks to retest the halfway line. Hence, the technical indicator warns of a downtrend below the $0.35 mark. Furthermore, the MACD indicator displays a sudden rise in selling pressure as the positive histograms take a downturn. Therefore, the bullish spread takes a hit between the fast and slow lines teasing a potential bearish crossover. In a nutshell, the XRP technical analysis displays a high likelihood of a price drop under the $0.35 mark to retest the broken trendline.

Upcoming Trend

Considering the Ripple(XRP) prices drop below the 50-day SMA, traders can expect the fallout rally to reach the $0.32 mark. Resistance Levels: $0.36 and $0.40 Support Levels: $0.35 and $0.32

Source