XRP tries to break $ 1 for the second time in a month, but …
XRP has rebounded to the $ 1.35 mark after three separate attempts since August; the last attempt to extend its bullish momentum was in early November, but XRP was rejected once and has been sloping down ever since.
After that, the price made a temporary low at $ 0.78 and it looks like it will return to those lows. Will it be the bottom or will XRP make a new low?
XRP broke the descending trend line (white) but was rejected at $ 1, which is also of historical significance. The high and low at $ 1.34 and $ 0.6 are used to represent the fib retracement levels.
The USD 0.97 and USD 0.88 fib retracement levels have curbed the price in the past few weeks. In the $ 0.88 (cyan box) area, buyers have tried to stop the bears and they have failed.
The sellers were able to push the price below the $ 0.9 mark again. However, around the $ 0.8 area, XRP consolidated and rose earlier this month. It could repeat itself, but buyers will be debilitated trying to reverse the trend but fail at $ 1.
$ 0.78 and $ 0.71 are major supports to be defended by the bulls. A closing price below these levels will likely bring XRP towards $ 0.63.
The RSI has ricocheted off the 40 level – a level that has been somewhat important to the bulls in the past. A closing price below this level suggests that the bears’ strength has increased, but it did not on this final attempt.
The CMF is below +0.05 which means there has been capital poured into the market but not a significant range. Awesome Oscillator printed weak bullish bars before failing and falling back to zero.
In the $ 0.78-0.82 range, the XRP could float again, potentially dropping to $ 0.75 (cyan box) to look for buyers. A daily close below $ 0.78 signals that no buyers have been found and the price must slide down.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews