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XRP Technical Analysis: Bears Sabotage Retest At $0.50

XRP Technical Analysis: Bears Sabotage Retest At $0.50


Cryptoknowmics
2022-10-10 13:03:47
XRP Technical Analysis: Bears Sabotage Retest At $0.50

The XRP Technical Analysis shows an increase in selling pressure during the retest phase, teasing a drop under the $0.50 mark. The XRP price action showed a bullish breakout of the $0.50 mark with a jump last week. However, the increase in selling pressure today leads to a retest phase. So, will Ripple prices fall under the $0.50 mark? Key Points: The Ripple price action shows a retracement to the support trendline. The hopes of an early bull cycle in the stochastic RSI indicator rise as the VI lines come close. The intraday trading volume in Ripple is $163 million. Source – TradingView XRP Technical Analysis As we mentioned in our previous analysis, the XRP price action shows a double-bottom pattern breakout with the neckline at $0.51. The bullish breakout of the psychological mark led to a 3% jump yesterday to create a solid green candle. However, the price trend fails to sustain an uptrend as the bearish influence grows over the daily candle leading to a drop to $0.51 as a retest. Also, the increase in selling pressure is evident by the spike in trading volume teasing a dip under the psychological mark. If the selling pressure grows over the day, the Ripple market price will drop to the bottom support level of $0.43. However, traders hoping to capture the downfall must wait for the candle to close below the neckline at $0.51. Optimistically, if the bullish momentum sustains, a post-retest reversal will sustain the XRP price...

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