Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
XRP saw a solid devaluation like most of its peer altcoins following the market-wide liquidations. XRP steadily declined while flipping the three-month trendline resistance to support (yellow, dashed).
Meanwhile, the buyers struggled to break out of the chains of the 38.2% Fibonacci level in the daily timeframe. But the close above the 20 EMA has reflected a recent uptick in buying pressure.
A close above or below the $0.33 zone would be vital to make the most out of XRP’s future movements. At press time, XRP traded at $0.3381.
XRP Daily Chart
Source: TradingView, XRP/USDT
The price action marked a strong rejection at the 38.2% Fibonacci resistance. Should the current candlestick close below the $0.34-level, XRP would witness a bearish hammer on the chart.
A below the 20 EMA could help the sellers pull XRP to retest the $0.3096-zone in the coming sessions. The alt could continue its sluggish phase near this area.
On the flip side, an immediate recovery would help the buyers test the 50% level in the $0.36-region. The buyers must wait for a compelling close above the immediate resistance before placing calls.
Source: TradingView, XRP/USDT
The Relative Strength Index (RSI) displayed a rather neutral bias at the time of writing. A sustained position below the midline would help the sellers take charge of the near-term trend.
Furthermore, the Accumulation/Distribution (A/D) line saw a bearish divergence with price over the last few days. This reading entailed the possibility of a distribution phase.
XRP 4-hour Chart
Source: TradingView, XRP/USDT
On a rather shorter timeframe, XRP saw an up-channel oscillation that saw a recovery barrier near the 61.8% Fibonacci resistance.
As a result, this reversal provoked an evening
