Since bottoming out in early April in the mid .40 range, Ripple enjoyed a nice counter-trend rally into higher ground that was ultimately stymied after only a few weeks at the par ($1.00) level. Ripple has since resumed its slide back down the slippery slope where XRP been unable to garner any real relative strength over the past several weeks.
While we can attest the most recent action in XRP to the overall cryptocurrency market climate, whereby a lack of catalyst or any sense of direction appears to be lacking, Ripple has found the footing a bit more slippery than many and has been unable to pick its head-up for air even though we’ve witnessed a small bounce throughout the cryptocurrency universe the past few trading sessions.
Whether it be something internally taking place or, just a victim of present market conditions, or perhaps a combination thereof, there’s no doubt that Ripple has a lot of work to do in order to get its technical house in order as we can observe from the daily chart below:
As we can witness above, XRP presently finds itself trading below its 20; 50 and 200-day moving averages. Not the recipe for a healthy technical picture/posture.
In addition, we can also observe that while the overall cryptocurrency market has found itself in slight bounce mode these past several days, Ripple has been unable to garner any meaningful upside momentum with the 50DMA (blue line) acting as a ceiling for any further potential upside, thus far.
To make matters worse, we can also see that XRP appears to be building-out a bear flag pattern (shaded box), and while the pattern remains in the development stage and incomplete as we stroke the keyboard, the formation is nonetheless a bit disconcerting and requires close attention moving forward in the days/weeks ahead.
Thus, from a technical perspective, it appears from our perch that XRP is lacking in relative strength; continues to trade beneath all of its important moving averages and in the process, remains mired in a potential bear flag development pattern that if such ‘plays-out’ in the days/weeks ahead, may just result in yet another move to lower depths.
That said, let’s take a look at some levels, both top-side as well as potential support that may just provide additional clues that both investors/traders may want to utilize in navigating the seas moving forward.
If, at any time in the days ahead XRP is capable of clearing the .72 level (50 DMA) and can ‘stick’, such would be the first inclination that perhaps an effort at higher levels is in the works. However, perhaps more importantly, should XRP move top-side of the .77 figure with volume as well as ‘follow-through’, such occurrence, should it materialize, would perhaps signal that buyers have wrested control away from sellers and would certainly alter the technical posture in a favorable manner.
On the flip-side, initial potential support can be found at the .62 level, with second-tier support located at the .55 figure. However, should the noted potential bear flag play-out, there remains the possibility that XRP could find its way back to the .45-.50 zone if it is unable to muster any upside mojo.
Nevertheless, Ripple has and continues to display poor relative strength and until or unless we witness a change of events, XRP remains guilty until proven otherwise.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Chart courtesy of tradingview.com
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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