XRP coin price undergoes a sharp correction phase following the remarkable 73% jump on 13th July. However, the cool-off rally following the price jump leads to a stronger correction phase. The ongoing market-wide correction intensifies the downfall.
With a 28.85% fall in the last 28 days, the correction rally deteriorates the bull run of the partial win against the SEC. The intraday trading volume spikes in sync with the downfall representing a spar in selling spree.
The bullish attempt to hold off the correction rally above the 50-day EMA fails with the 3.90% fall on 15th August. The breakdown initiates a new correction phase, accounting for a 7.90% decline in Ripple market value since then.
The daily candle shows a doji candle formation with a 0.81% fall, but the high selling pressure warns of a more extended correction.
Coming to the technical indicators, the bearish influence is evident over the daily chart. The MACD indicator shows the lines fail to give a bullish crossover as the bearish histograms restart. Meanwhile, the RSI line continues to dip to the oversold boundary.
Will XRP Resurge To $1?
Considering the altcoins market shows some healthy recovery signals, the XRP coin price can find some reversal opportunities. Ripple’s next potential reversal spot stands at the $0.53-$0.54 demand zone, coinciding with the 78.60% Fibonacci level and close to the 200-day EMA.
Optimistically, the reversal rally can rechallenge the $0.84 resistance level to reach $1 if the XRP prices resurface above $0.65.
On the flip side, the downtrend continuation below the 200-day EMA will highlight a more catastrophic correction. The following support levels are at $0.45 and $0.41.
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