Ripple (XRP) Struggles As Bearish Divergence Emerges, Eyes $0.42 Support
2 min read
- XRP price slows down after several days as price remains bullish despite showing weakness.
- XRP trades above 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs with the emergence of bearish divergence.
- The price of XRP continues to hold strong and could retest $0.42 support.
The price of Ripple (XRP) continues to hold strong as the price aims to maintain its bullish price movement against tether (USDT). Ripple (XRP) and other crypto assets enjoyed a relief bounce in previous weeks that saw the crypto market cap looking good for cryptocurrencies across the industry, with many producing double-digit gains. XRP gained the most attention as the price moved with so much strength. (Data from Binance)
Ripple (XRP) Price Analysis On The Weekly Chart
Despite having a tough time throughout the year with the price falling to a low of $0.3 due to the law suite XRP was having, the price in recent times has responded favorably as the price has remained strong for some time now.
After the price of XRP rallied to an all-time high, the price had a tough time dropping to a weekly low of $0.3, where the price held strong after forming support, and this region looked like a demand zone for prices.
The price of XRP bounced off from this region of $0.3 as the price rallied to a weekly high of $0.52 as the price faced resistance to breaking higher as the price retraced to $0.48.
XRP’s price looks good as its bullish structure is intact despite showing some weaknesses due to the market uncertainty and Bitcoin price retracing to a key support area. The price of XRP needs to hold above $0.42 to maintain its bullish structure, a break below that range would mean the price of XRP retesting the low of $0.35-$0.3
Weekly resistance for the price of XRP – $0.6.
Weekly support for the price of XRP – $0.42.
Price Analysis Of XRP On The Daily (1D) Chart
In the daily timeframe, the price of XRP continues to trade above the 50 and 200 Exponential Moving Average (EMA) as the price holds strong despite ranging as the price struggles to break above the $0.6 resistance. The prices of $0.47 and $0.43 correspond to the prices at 50 and 200 EMA acting as resistance for XRP.
The price of XRP needs to hold $0.47 and $0.43 for the price to remain bullish and safe despite showing a bearish divergence on the daily timeframe; a drop below $0.43 and lower could trigger a retracement to a region of $0.35 due to panic selling with investors and whales waiting for such an opportunity.
Daily resistance for the XRP price – $0.55-$0.6.
Daily support for the XRP price – $0.43.
Featured Image From Crypto News, Charts From Tradingview
