Crypto Technical Analysis

Ripple(XRP)/USDT Technical Analysis: 04 January 2022

Ripple prices underwent a decent surge until Christmas but could not maintain with the uptrend. And since then, the prices are declining to a larger extent with mounting selling pressure. The traders appear exhausted buying at the dip as the buyer is not able to recover the losses, yet only preventing the XRP price to plunge lower. 

In such a case, will the buying pressure overcome the selling? If yes, then when the XRP price may flip from the bearish divergence? Let’s check it out!

Ripple(XRP)/USDT Technical Analysis at a Glance

XRP price did attempt to reverse the downturn since the beginning of 2022, woefully, the gains appear to have nullified in the past couple of days. However, the asset is flipping constantly much above the strong support levels, manifesting a trend reversal very soon. Yet the buying volume remains the major constraint as the seller still stands strong, preventing the price from breaking through the consolidation.

Short Term The asset is forming lower highs and lows, maintaining a constant downtrend. And hence a flip may not be witnessed shortly
Mid Term The XRP price is depleting hard and may continue to do so even if the buying volume tries to mount. As the bears appear pretty much strong at the moment
Long Term Selling pressure appears to be pretty low and hence in the long term, the XRP price appears to be pretty bullish

Ripple(XRP) Technical Indicators

Technical Indicators

Indicators Value(1Hr/1D) Action(1Hr/1D)
Relative Strength Index(RSI) 38.86 / 42.8 Neutral / Neutral
Stochastic RSI(StochRSI) 20.35 / 17.18 Neutral / Neutral
MACD -0.00484 / -0.01981 Sell / Sell
Bull- Bear Power -0.01138 / -0.05714 Neutral / Neutral

Pivot Points

Pivot Points Short-Term Long-Term
Moving Average(MA)-50 $0.84 $0.91
Moving Average(MA)-200 $0.85 $0.94
Resistance $0.86 $1.13
Support $0.82 $0.77

Summary:

The Ripple(XRP) price manifests a notable bearish trend in the short-term as well as in the long term. As the RSI and StochRSI both are neutral, the possibility of a flip remains pretty low. Moreover, MACD points out towards the Sell signal which implies that the selling pressure continues to pile up.

 Additionally, the bull-bear power which indicates the strength of the buyers and sellers is neutral. And importantly, the value remains below 1 which indicates that a larger portion of investors are currently bearish and anticipate a pullback shortly. 

The moving averages, both 50-day, and 200-day, in the short-term & long-term, are currently acting as the resistance levels to achieve. However, in the short term, the resistance and support are pretty close, indicating the consolidation to continue for another couple of days. However, the consolidation may break as soon as the asset ranges above the moving averages. 

XRP Technical Analysis for the Week

The XRP price started the weekly trade on a bearish note after ending the yearly trade in a deep bearish well. The asset consolidated well above $0.84 for a couple of days, before sliding down yet again. Since the past week, the selling volume has increased enormously, and the buyers are unable to ease it. And hence the Ripple crypto price may continue forming lower highs and lows for the next couple of hours, yet the upcoming days appear to be bullish with a strong flip.

Source: Tradingview Date: 04-01-2022 Time: 01:25pm

  • XRP price consolidates within a very narrow range from the past seven days, with almost equal buying and selling pressure 
  • If the asset fails to break through the descending trend in the next couple of days, then the XRP price may continue to consolidate within the descending triangle until it reaches the apex of the triangle. 
  • The recent price slash just after Christmas may be due to the death cross that occurred on 31st December 2021. 
  • The notable recovery since the crash points out towards the buyers being active and preventing the price drain
  • Ripple price is expected to hover within the same region, and the consolidation would be broken as the price smashed the immediate resistance at $0.88 and further trades above $0.91.

XRP Technical Analysis for Today: 04 January 2022

XRP price lost as much as 6% in the closing hours of the 2021 trade yet maintained strongly above $0.8 levels. Further, a quick recovery uplifted the price above $0.84 and consolidated around these levels for the next couple of days. However, with the building buying volume since the previous trading day, the price is yet again falling into bearish divergence, but currently attempting to hold. 

Currently, in the short term, the XRP price is testing the upper resistance level of the descending parallel channel. And it breaks through these levels, then the next resistance to attain would be along with the 50-day MA levels at $0.8416. The probabilities of revisiting the support levels at $0.81 appear below as the buyers appear to have jumped in the ring. Therefore, the price may continue to range towards the north in the upcoming hours, yet the bearish trend cannot be completely nullified. 

Where & How to buy Ripple(XRP)

Ripple is one of the oldest cryptocurrencies and XRP is a popular asset used to transfer funds across the borders using the Ripple blockchain. Therefore it is widely available for trade on almost all the platforms in the crypto space. However, CoinDCX along with the other platforms do offer XRP trade but with additional features. 

Being India’s most trusted crypto exchange, CoinDCX offers a wide variety of crypto assets at a very affordable price. Moreover, the CoinDCX App offers a lucrative user experience, easy trade, and faster order placement at a single touch. All you need to do is just download the App on your smartphone and register keeping your personal and bank details ready. 

It’s the best time to register on the app, as CoinDCX Pro is about to launch an upgraded version of the CoinDCX Pro App. The upgrade is yet to be rolled out which aims to enhance the trading experience. The Pro app is loaded with additional features like a new design, advanced technical charts with unlimited indicators, fast order placements, etc. Therefore download the app and unlock the world of hassle-free trade.


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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