XRP Must Breach This Key Level To Avert The Downturn

Christian Encila

2 years ago

2 mins read

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Despite the recent sluggishness of XRP, the token is performing significantly better compared to other coins. The bulls successfully defended the $0.3 support and tried to reverse the trend by breaching above the crucial resistance.

As the price has not fallen following a false breakout, this indicates that the bulls may be stronger than the bears. Thus, the volume has increased, which is a positive indicator.

As of this writing, XRP is trading at $0.364, up 12% in the last seven days, data by Coingecko show, Monday.

Image - The Coin Republic

XRP Straight Green Candles

Ripple has registered three consecutive green daily candles, and purchasers were able to increase the price by 15 percent till Friday evening. The primary concern, though, is whether this rally is sufficient enough to halt the intermediate-term bearish trend.

On a daily scale, buyers drove the price towards the short-term horizontal resistance at $0.4, attempting for a third time to breach the key breakthrough.

The 14-day RSI indicator entered positive territory and surged past the baseline at this time. This means that the bulls are now more dominant than they were previously.

Ripple has not been able to achieve a higher daily high for a quite a long time. Since May this year, sellers have kept the bulls from surpassing the previous peak (in yellow).

Imge - TradingView.com

In order to begin a trend reversal, XRP must first establish a higher high above $0.4. In this instance, bearish momentum could eventually begin to diminish.

The bulls should then barrel past the horizontal barrier between $0.50 and $0.55 (in blue) before retesting the falling trendline (in red).

Overcoming the red static barrier that has been shading the price for a considerable amount of time might be a very bullish indicator for the token.

Global Crypto Market Cap Up 1.35%

According to data from CoinMarketCap at the time of writing, the worldwide market capitalization of cryptocurrencies increased by 1.35 percent during the previous 24 hours, reaching approximately $980 billion.

XRP total market cap at $17.6 billion on the daily chart | Source: TradingView.com

The 24-hour volume of the worldwide cryptocurrency market declined 1.7% to $61 billion, while the 24-hour volume of DeFi was $5.55 billion, representing 9.0% of the global crypto market.

The volume of all stablecoins was $55.63 billion, or 90.72 percent of the 24-hour volume of the whole crypto market.

Currently, XRP is seeing resistance at the 50-day moving average. If there is a breakthrough, it will mark the first time since March 9 this year. Prior to a potential reversal, however, the price must first consolidate above the key resistance between $0.48 and $0.52.

Featured image from The Merkle News, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.