It has been a long time since XRP witnessed a substantial rally as it recorded nearly 12% losses over the past week. Despite sliding down to the 5th position in the cryptocurrency ladder, the coin has stayed strong near the support area.
XRP has been stuck in a consolidation for nearly two weeks now. Definitive uptrend has so far failed to occur even as several top cryptocurrencies posted rallies. The latest market wide pullback has further diminished bullish hints.
Besides, XRP was down by 3.10% over the past 24-hours which pushed its price to $0.266. At the time of writing, the crypto-asset registered a market cap of $12.07 billion and a 24-hour trading volume of $2.8 billion.
XRP Daily Chart:
Unlike its peer altcoins, XRP’s seemed to be picturing a dull price trend. Its daily chart depicted a descending triangle pattern taking shape, right after recorvering from the sharp fall with the price oscillating between one horizontal and one upward sloping trendline.
As per convention, this pattern formation concludes a bearish breakout and if XRP’s price were to come out of the triangle, a minor correction can be expected in the near-term. But till the pattern continues we can expect the crypto-asset to consolidate more and head sideways.
The moving averages also hovered above the XRP price candles resisting a potential uptrend.
After treading in the positive zone for nearly two weeks, the MACD geared up for a bearish breakout which further validated the mounting presence for a downside price action.
The OBV indicator was steady which pointed towards a period of consolidation in the price of the token.
The RSI continued to be well below the 50-median line depicting a sentiment of high sell-pressure among the market participants.
The coin saw a considerable resistance by both 50 DMA [Pink] as well as 200 DMA [Purple] at $0.307 and $0.353-price levels. As depicted by the descending triangle formation coupled with the indicators and placement of the moving averages, if the price were to endure a correction, XRP did have two strong support levels at $0.213 and $0.174.