coinquora.com
Ripple (XRP) has seen a steady drop in price over the past three months after plunging below the $0.795 level and buyers have not been strong enough to enable a trend reversal beyond the bonds of the 20 EMA.
On the bright side, if XRP can rebound from the two-month trendline support, it could open up the possibility of a short-term recovery. In this case, the sellers would try to curb the bullish volatile move in an attempt to initiate a squeeze phase near the $0.3 level.
The bearish rally over the last two months has formed a two-month resistance that recently transformed into support on XRP’s daily chart. Ever since mid-April, this area has been an important area of value for the crypto.
After grazing its 16-month low at $0.33 on June 18, XRP was able to bounce back to the $0.28 support. If XRP can recover from the $0,32 zone, it could help buyers test the 38.2% level at the $0.34 level. If buyers find a close above this level, the golden Fibonacci level will be retested.
The bearish Relative Strength Index (RSI) fell back to bearish after reversing from the midline. If the 36-mark could be revived, it could help buyers test the $0.34 level.
Although XRP’s CFM has dipped below the zero point, the lower troughs are creating the possibility for a bullish divergence.
According to CoinMarketCap, XRP is currently worth $0.3138 after a 4.75% drop in price over the last 24 hours.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies