XRP Sluggish At Resistance – Will It Break Out After 2 Months Of Vertigo?

Christian Encila

2 years ago

3 mins read

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XRP is seen to be stuck and on tepid waters as the price is not wandering off from $0.3 to $0.39 for two months.

XRP experiencing weakness with price stuck at $0.3 to $0.39
Price hinting a bearish squeeze
Price nearing a breakout and a plunge of 52%

The current sluggishness that XRP price is going through is severely pinning and stopping the bulls from making any move in the upward direction.

XRP Falling Short, Unable To Jump Higher

On the daily chart, XRP structure has looked bullish with its signature higher highs and higher lows. But, it seems that the bulls are not intensifying further, halting the token’s price from moving in the positive route.

According to CoinMarketCap, the crypto’s price has capsized by 3.31% and is trading at $0.3701 as of this writing.

On a positive note, it was able to successfully turn the tables around on the 100-day moving average a few days ago. With that said, the price was able to tap the key resistance levels of $0.39 – $0.42.

Now, if the bulls manage to override the above price range, then XRP is expected to shoot for the 200-day moving average.

Following a bearish standpoint, the token will fall short and unable to breach key resistance registering a decline in the key support at $0.33 with a quest for a retest in the zone.

Pegged against Bitcoin, XRP price seesaws between the 100-day and 200-day moving average lines. The bears aren’t letting their guards down, poised to defend their key resistance present at the 1700 – 1800 SAT range.

In the same way, the bulls are not taking their hands off the price barring any price drop below the 1500 SAT level. In the coming days, sideways action is bound to happen so long as there is a breach or a close above or below the above mentioned zones.

Crypto In Danger Of Losing 52% Gains

Pressure is definitely mounting for XRP bulls as the bears rush in to bolster a breakout. With the odds in favor of bears, the crypto’s price is bent to lose as much as 52% and deplete the gains incurred this summer.

Ripple price is observed to experience struggles seen in the past week. And this week isn’t any better because XRP price registered lower this week than last week hinting a gigantic squeeze.

The bulls may potentially drop XRP like a hot potato because Ethereum price action is more promising to trade on. XRP price is expected to push the bulls further below the 55-day SMA in the coming days with the key support set at $0.36.

A possible uptick from $0.36 may propel XRP price to shoot towards $0.50 culminating a dream swing trade hinting as much as 40% gain.

XRP total market cap at $17.8 billion on the weekly chart | Source: TradingView.com

Featured image from Crowdwisdom.live, 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.

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