Resource: Cryptopotato.com
5 months ago
Date: 22 Nov 2022 - 15:21

XRPs price has been struggling to break back above the significant resistance level following the massive FTX market crash. The current outlook for the crypto asset has become negative as bearish sentiment has been dominating the market once again.Technical AnalysisBy EdrisThe Daily ChartOn the daily timeframe the price has dropped below the 50day and 200day moving average lines as well as the 0.43 level and has failed to recover since.The 200day moving average near the 0.4 mark has constantly been rejecting the price to the downside in recent weeks and the price could retest the 0.3 support level in the near future.On the other hand if the 200day moving average finally gets broken to the upside the 0.43 resistance level and the 50day moving average located around 0.45 would be the next strong obstacles.However considering the current bearish market structure a decline toward 0.3 seems more likely.Source TradingViewThe 4Hour ChartLooking at the 4hour chart it is evident that the market is currently in a consolidation phase between the 0.43 and 0.3 levels.A symmetrical triangle pattern has also developed over the last couple of weeks and the price is yet to break to either side. These patterns could act as both reversal and continuation patterns and the eventual direction of the market would depend on which side the price breaks out from.The RSI indicator has also recovered from a nearly oversold state and is currently approaching the 50 mark pointing to a momentum equilibrium. Yet as emphasized in the last section a bearish continuation seems more likely considering the overall market structure and the macro market conditions.Source TradingViewThe post XRP Stuck in Limbo but Bears Seem Eager to Take Control Ripple Price Analysis appeared first on CryptoPotato.

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USDT Market Price Change (24H) Market Cap Last 7 Days
39997.79 $ 0 % 760.32 Billion $
3001.33 $ 0 % 360.05 Billion $
1.001 $ 0 % 82.65 Billion $
398.86 $ 0 % 59.29 Billion $
1.004 $ 0 % 50.96 Billion $
101.49 $ 0 % 33.28 Billion $
0.122 $ 0 % 31.52 Billion $
0.7024 $ 0 % 30.96 Billion $
82.96 $ 0 % 29.44 Billion $
0.9455 $ 0 % 29.42 Billion $

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