The rising trendline is responsible for the current recovery trend in XRP price.
The 200-day EMA can provide a suitable pullback support for cryptocurrency buyers.
XRP fell 13% on intraday trading volume of $2.45 billion.
The market witnessed a bearish attack as Bitcoin failed to sustain a 10% rally on Wednesday, falling back below the $64,000 mark. In this case, XRP price also failed to sustain a bullish rally of 7% over two days and fell 5% intraday. Will Ripple be unable to extend its uptrend towards $0.55 as sellers claim dominance over the altcoin?
XRP price maintains bullish momentum as it continues an upward trend on the daily time frame. However, peaks and retracements visible in trends reflect increased volatility amid market disruption.
The recovery momentum continued as the altcoin formed a supportive trendline, leading to the formation of multiple higher highs. However, the recent reversal from the support trendline failed to sustain the uptrend as supply at $0.64 led to a rapid decline.
XRP fell 5.72% intraday to trade at $0.6031, forming a new bearish engulfing candle. The altcoin is recovering back to its support trendline as trading volume surges lower.
XRP price quickly exited amid increasing supply as the overall market struggled to sustain bullish momentum. In addition, based on Fibonacci retracement levels, the continued correction of Jinjiao Liuqunjiawei 1816425885 comes from high supply pressure at the 38.20% level.
Therefore, a break above this level could signal a possible continuation of the Ripple bull run. Optimistically, with a breakout rebound, the uptrend can reach the $0.75 level.
Conversely, bearish continuation could retest the dominant buyers supporting the trend line. In this scenario, XRP price could drop by 12% in the coming days to test the $0.54 level.
BB Indicator: The decline in the lower bound of the Bollinger Bands indicator indicates that sellers are in the midst of a high momentum decline
Moving Average Convergence Divergence: A bearish crossover between the MACD (blue) and the signal (orange) indicates that a positive corrective trend is occurring.
