Does XRP have the potential to restore itself after a recent fall?
Bears have seized the initiative in the short-term scenario as all of the top 10 coins are under seller pressure again.
Top coins by CoinMarketCap
XRP/USD
During the day yesterday, the bulls tried to break through to the level of $0.70. But the buying volumes were at an average level, and, as a result, they managed to mark a local maximum only around the $0.68 mark.
XRP/USD chart by TradingView
At the end of the day, sellers seized the initiative and returned the pair to the average price area. Today the pair is consolidating in a rather narrow range on the POC line ($0.624).
If buyers are persistent, a retest of the target level of $0.70 and a new July high are quite possible.
XRP/USD chart by TradingView
On the bigger time frame, bulls are also more powerful than bears, with XRP coming back to the zone of the most liquidity where the fall started from. In the event of a breakout, there are good chances of seeing a test of the resistance at $0.70 shortly.
XRP/USD chart by TradingView
On the daily chart, the picture is also bullish as bulls are about to break the resistance at $0.6790. They might manage to do that as traders are accumulating power based on the low trading volume. If that occurs, the next mark at which bears may show power is $0.80.
XRP is trading at $0.6512 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
