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Has XRP accumulated enough power for another blast?

Has XRP accumulated enough power for another blast?
Denys SerhiichukDenys SerhiichukU.Today

Bears have seized control over the market, with the majority of coins being in the red zone. Cardano (ADA) is the only exception after spiking 1.42 percent.

Bitcoin

Top coins by CoinMarketCap

XRP/USD

Yesterday, the XRP/USD pair tried to fix above the two-hour EMA55, but the bears pushed the price below the moving average at the end of the day.

XRPUSD

XRP/USD chart by TradingView

Tonight, the decline continued to the level of $0.72. In the morning, the correction slowed down, but the pair might still start trading below the $0.70 support level.

Chart

XRP/USD chart by TradingView

On the higher time frame, XRP bounced off the support at $0.70, which means that buyers are not giving up and are ready to save this level.

Respectively, there is a high probability of seeing XRP testing the liquidity zone around $0.74 to gain more power for another move.

Chart

XRP/USD chart by TradingView

According to the daily chart analysis, XRP may break the support at $0.70 as buyers could not seize the opportunity after the false breakout. If that occurs, the next mark where bulls might come back to the game is $0.67 zone.

XRP is trading at $0.71096 at press time.

Read full original article on U.Today

Author

Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.

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