XRP’s price movement during the past week has been sluggish. While most of the top digital currencies were exhibiting a significant amount of volatility in their market, XRP’s price did not make too much noise to ascertain a level of enthusiasm. The industry as a whole was now turning a bit bearish with the only Bitcoin holding a higher ground.
Amidst such turmoil, XRP is entering a defining moment in its price charts which may dictate the assets’ direction for the rest of the year. XRP had a market cap of $11.3 billion at press time, with a minor growth of 2% over the past 24-hours.
XRP’s hourly chart
XRP’s hourly chart exhibited the performance of XRP over the past week and the strength of resistance at $0.254 was for everyone to witness. With XRP slowing reaching its current price point at $0.251, its current ascending channel pattern indicated that the price will possibly plummet in the future. Other bearish factors included the 50-day Moving Average(yellow line) that was moving above the candlesticks at present. With the immediate resistance placed at $0.252, A re-test at $0.222 is the relative outcome over the next few days.
Relative Strength or RSI suggested a brief patch of recovery but selling pressure continued to control its movement and before moving up, a higher probability had the indicator re-test the over-sold position in the charts. Awesome Oscillator or AO also suggested the depleting bullish momentum as the green candles started to fade in the charts.
XRP daily chart
The weekly chart of XRP is where things are reaching a critical moment at the moment. Earlier last month, when the asset crossed above its 2-year downtrend, the XRP army exhibited a lot of exhilaration, and they believed that XRP will end up taking over the $1 mark soon. However, after 4-weeks of sustaining a place above the downtrend, the token dipped below the trendline once again.
At the moment, it is important for XRP to reverse the downtrend again if the asset wants to keep its bullish hopes up. Another week below the resistance at $0.254 will be devastating for its long-term trend and XRP could be looking at the bottom of the barrel, come to the end of 2020.