With Bitcoin failing to sustain the 10% recovery on Wednesday as it drops back under the $64,000 mark, the markets witness a bear attack. Amidst such conditions, the XRP price also fails to sustain the bullish recovery of 7% in two days as it witnesses an intraday fall of 5%. As the sellers assert dominance over the altcoins, will Ripple coin fails to prolong the uptrend drop to $0.55?

Also Read: Ripple Vs SEC Update: Judge Torres Considers Extending XRP Lawsuit Fair Enough

XRP Encounters a Bearish Engulfing Candle as Bulls Lose Ground

XRP Price| Tradingview

With an ascending trend in the daily timeframe, the XRP price sustains a bull run in motion. However, the visible peaks and retracements in the trend reflect the increased volatility amidst the market confusion.

The recovery momentum is sustained as the altcoin forms a support trendline, leading to multiple higher-high formations. However, the recent reversal from the support trendline fails to sustain the uptrend motion, as the supply at $0.64 leads to a quick drop.

With an intraday fall of 5.72%, the XRP price trades at $0.6031, leading to a new bearish engulfing candle. As the downfall comes with a surge in trading volume, altcoin is reverting to the support trendline.

Also Read: Breaking: Ripple CEO and CLO Backs Ethereum and CFTC, Say US SEC to Lose

Will the XRP Price Rebound?

As the overall market struggles to sustain the bullish momentum, the XRP price quickly exits under increased supply. Further, as per the Fibonacci retracement levels, the ongoing correction comes from the high supply pressure at the 38.20% level. 

Hence, a breakout of this level could signal an extended bull run possibility in Ripple coin. Optimistically, the uptrend can achieve the $0.75 level with the breakout rally.

Conversely, a bearish continuation could retest the dominant buyers at the support trendline. In such a case, the XRP price could fall by 12% in the coming days to test the $0.54 level. 

Technical Indicator

BB Indicator: A downtick in the lower boundary of the Bollinger Band indicator suggests the sellers are riding a high-momentum downfall
Moving Average Convergence Divergence: A bear crossover between the MACD(blue) and signal(orange) signals an active correction trend in motion.

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Filed under: News - @ January 1, 1970 12:00 am