The XRP/BTC pair which had smashed its highs during the 2017 bull run is aching for a push that could nullify the current downtrend. Ever since the asset lunged hard in 2018, it maintained a silent trend. Despite a huge trading volume induced during the 2021 bull run, it hardly impacted the price then. Moreover, it maintained a notable downtrend after a decent spike. After multiple ups and downs, now the XRP/BTC price may enter a huge bearish trend rejecting the lower support levels.
Will the XRP/BTC price flip hit the lower levels or may further fall into a deep descending trend? Let’s see!
The XRP/BTC pair ever since dropped drastically in the last few days of December, trended within a descending consolidation. Despite multiple attempts to go higher, the asset still faced rejection at every spike. And hence forming constant lower high and low, the XRP/BTC price is plunging towards the lower levels. Despite displaying a bullish momentum to continue to rally towards the north, the bears have outpowered the bulls.
|Short-Term||The price is hovering along with the lower levels since the early trading hours and could yet again flip the downtrend soon|
|Mid-Term||The XRP/BTC pair has just hit the lower support and hovering along with these levels until it receives notable boosts|
|Long Term||The asset is extremely bearish and testing crucial support level showcasing the possibility to plunge towards the lower support|
Additional Read: Daily Crypto News 29th January, 2022
|Technical Indicators||Value(1Hr / 1D)||Action(1Hr / 1D)|
|Relative Strength Index(RSI)(14)||34.73 / 27.22||Sell / Sell|
|MACD (12,26)||0 / 0||Neutral / Neutral|
|Average True Range(ATR)(14)||0 / 0||High Volatility / High Volatility|
|Bull-Bear Power||0 / 0||Neutral / Neutral|
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|Moving Average(MA)-50||0.00001613 BTC||0.00001773 BTC|
|Moving Average(MA)-200||0.00001655 BTC||0.00001956 BTC|
|Resistance||0.00001639 BTC||0.00002219 BTC|
The XRP/BTC price is extremely bearish in both time horizons. While the RSI has slashed through the lower levels in HTF and STF, it is attempting to bounce back but failing each time. On the other hand MACD in the short term shows a decrease in the selling pressure and a buy signal is soon to be let out in the short term. Whereas in the long term, the MACD is extremely bearish with the trading volume reduced to a large extent.
On the other hand, the Average True Range which is a volatility indicator, shows extreme volatility in both the time frames which is pretty risky. And the Bull-Bear power is neutral in the short as well as long term which signifies equal strength of both bulls as well as bears.
Coming to the pivotal levels, the current price intends to hit the strong resistance at 200-day MA levels in HTF and STF both. However, the immediate resistance resides along with the 50-day MA levels which may ignite an uptrend towards the next levels and eventually actual resistance in the short term and later in the long term.
The XRP/BTC trading pair began the 2022 trade after slashing nearly 15% and quickly fell into a consolidation phase. However, the fresh plunge dragged the price down by another 15% manifesting a strong downtrend. As mentioned earlier the XRP/BTC price is drowning in a deep bearish well and on the verge to smash the lower support levels. And hence a huge downtrend could be much awaited in the next couple of days.
Source: Tradingview Date: 31-01-2022 Time: 4:30pm
Additional Read: MANA/BTC Technical Analysis
The XRP/BTC price has plunged hard through the past week and also began with the fresh week trade on a bearish note. With the monthly close on the horizon, if the asset fails to uplift above the danger zone and records a bearish close, the next month’s trade may also be impacted negatively. And hence if in case the asset receives a notable push with a little growth in the bullish momentum, then it may be used to recover the loss rather than igniting a bull run.
The XRP/BTC is priced at 0.00001584 BTC with a drop of 2.38% compared to the previous day’s close. However, the day’s range is between 0.00001568 and 0.00001631, and a daily close above or below these levels may record the monthly close accordingly.
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