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XRP Technical Analysis: Post-Retest Rally Challenges The 100-Day EMA

source-logo  cryptoknowmics.com 20 September 2022 14:01, UTC

The XRP technical analysis shows a post-retest reversal rally of a triangle breakout challenges the 100-day EMA, teasing a bull run ahead. The XRP price action bullish breakout rally of a symmetrical triangle reversing from the 100-day EMA to retest the breakout. Furthermore, the increase in intraday trading volume supports the post-retest reversal candle. Therefore, a likely uptrend teases the 100-day EMA breakout. So should you wait for a candle closing above the EMA or take an early entry to ride the upcoming rally?

Key Points:

  • The Ripple prices show a reversal from the broken trendline. 
  • The post-retest reversal shows potential to reach the $0.42 mark.
  • The intraday trading volume in Ripple is $13.45 Million.

XRP Price Chart Source-Tradingview

XRP Technical Analysis

The XRP price displays a bullish reversal within the triangle resulting in a bullish breakout mentioned in our previous analysis. The bullish breakout unleashes the trapped trend momentum resulting in a jump to the 100-day EMA, accounting for a 15% growth. However, a bearish turnaround from the 100-day EMA influences a retest phase coinciding with the weekend fall observed in the market. Nonetheless, the buyers regain trend control and form a bullish engulfing candle of 7.5%, closing above the 100-day EMA. Currently, the price action shows a power struggle close to the controversial EMA for the future trend. Today, the resurfacing bearish influence results in a 1.28% price drop, but the lower price rejection reflects a solid bullishness. If the buying pressure helps the candle close above the 100-day EMA, sideline traders can expect an uptrend to the $0.42 mark.  On the other hand, a bearish reversal from the opposing EMA will result in a drop to the $036 support level. 

Technical Indicator

The RSI slope shows a lateral trend above the halfway line displaying no signs of divergence, with an uptrend in the 14-day SMA. Moreover, the MACD and signal lines gain a bullish spread with the rising positive histograms.  Therefore, the technical indicators reflect growth in buying pressure. As a result, the XRP technical analysis offers a buying opportunity.  Resistance levels- $0.42 and $0.50 Support levels-  $0.36 and $0.30

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