Levels to watch out for as Ripple (XRP) loses the ascending triangle…
Ripple (XRP), which is one of the eventful coins of the crypto money market and went down in history with the litigation processes, continues to be priced below the critical level of 1 dollar.
XRP, whose market value has decreased to 43.29 billion dollars with the decline since our last analysis, and which is seen to fall behind Dogecoin (DOGE), finds buyers at $ 0.93 at the time of publication.
Ascending Triangle Disappears!
XRP, which received serious selling pressure from the red downtrend in the upper band of the ascending triangle mentioned in the aforementioned analysis, seems to have received support in the lower band of the formation in the first place.
It is thought that XRP, which started to rise again after this support, retested the MA20 level that it broke during this decline.
As a matter of fact, it seems that XRP, which has risen to exactly around 1 dollar, is again faced with a hard selling pressure.
This selling pressure unfortunately caused XRP to go out of formation. XRP, which continues its 4-hour closes under the green trend line, which is the support level of the formation, is expected to rise to retest this trend.
If XRP manages to enter the triangle during this uptrend, bullish hopes may bloom again. However, as always, it is necessary to make more than one plan depending on more than one scenario.
In this context, considering the decline, purchases can be made at the intermediate supports of 0.91 and 0.86 dollars in the declines to the range of 0.797 – 0.81 dollars. According to the strategy, closings under this zone can be stopped.
Volume And Momentum Drops!
When we evaluate XRP on the daily time frame, it turns out that the price is constantly facing selling pressure at the MA20 level, which is obviously important for the trend.
The green trendline is considered to be an important support for XRP, which seems to be decreasing in volume day by day and momentum on the MACD side. In addition, XRP, which fell below the MA100 level of $ 0.98 with the pressure of the MA20, which is currently equivalent to $ 1.03, seems to be difficult for now.
Finally, if the market starts to rise again and there is positive news for XRP, we can see that XRP has broken the $0.978 – $1 range strongly.