XRP‘s “False Move” Could Lead it to $0.25 Despite Macro Strength

XRP has struggled to maintain the upward momentum it had a little over a week ago.

The cryptocurrency encountered insurmountable resistance in the lower region of $ 0.30, which slowed its rise and then returned to the upper region of $ 0.20.

From that point on, it was in a solid phase of consolidation, with price movements closely aligning with those of Bitcoin and Ethereum.

This has had some heightened turbulence over the past few weeks, but it has continued to maintain some stability in the upper $ 0.20 region.

Analysts are now realizing that the token may be well positioned to see a significant uptrend in the long term, but its short-term situation remains somewhat precarious.

One trader stated that the recent push above $ 0.30 was a "wrong move" that would likely lead to another disadvantage.

He believes this could hit a low of $ 0.25 in the short term.

XRP struggles to gain momentum as analysts keep an eye on short-term drawbacks

At the time of writing, XRP is struggling to gain momentum as its price is below its key resistance of $ 0.30.

This is roughly the same as the price it traded last week, despite trying to break above $ 0.30 last weekend.

This attempt allowed the token to soar as high as $ 0.31 before losing momentum and facing a massive influx of selling pressure.

From that point on, the price fell to lows of $ 0.27. It has since consolidated.

Analysts write down now that this price move may have marked a "wrong move" suggesting that another downtrend is imminent in the short term.

A trader is now targeting $ 0.25.

"XRP (USDT) update – breakout was a 'wrong move', 25 cents seems reasonable, lower range of the high wave gyro," he said, pointing to the graph below.


Image Courtesy of Cheds. Chart via TradingView.

Why the macro-technical outlook of the token remains bright

Despite signs of short-term weakness, the macro-technical outlook for XRP is still positive.

As NewsBTC reported yesterday, an analyst expects the cryptocurrency to explode towards USD 0.93 in the coming weeks due to a variety of different factors. He explained:

"XRP thread: TLDR: it will most likely be .93c … breaking a 950 day downtrend. The price is the point where the 17 & # 39; bull rally began and just regained a major historical support level, all with the confluence of the 200D EMA on the BTC pair. The volume also indicates a reversal. There is finally a higher low on the chart. "


Image Courtesy of Pentoshi. Chart via TradingView.

If XRP faces increased selling pressure causing it to fall towards $ 0.25, a strong rally here could mark the start of its next leg higher.

Featured image from Unsplash.
Charts from TradingView.

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.