XRP Sluggish At Resistance – Will It Break Out After 2 Months Of Vertigo?
XRP is seen to be stuck and on tepid waters as the price is not wandering off from $0.3 to $0.39 for two months.
- XRP experiencing weakness with price stuck at $0.3 to $0.39
- Price hinting a bearish squeeze
- Price nearing a breakout and a plunge of 52%
The current sluggishness that XRP price is going through is severely pinning and stopping the bulls from making any move in the upward direction.
XRP Falling Short, Unable To Jump Higher
On the daily chart, XRP structure has looked bullish with its signature higher highs and higher lows. But, it seems that the bulls are not intensifying further, halting the token’s price from moving in the positive route.
According to CoinMarketCap, the crypto’s price has capsized by 3.31% and is trading at $0.3701 as of this writing.
On a positive note, it was able to successfully turn the tables around on the 100-day moving average a few days ago. With that said, the price was able to tap the key resistance levels of $0.39 – $0.42.
Now, if the bulls manage to override the above price range, then XRP is expected to shoot for the 200-day moving average.
Following a bearish standpoint, the token will fall short and unable to breach key resistance registering a decline in the key support at $0.33 with a quest for a retest in the zone.
Pegged against Bitcoin, XRP price seesaws between the 100-day and 200-day moving average lines. The bears aren’t letting their guards down, poised to defend their key resistance present at the 1700 – 1800 SAT range.
In the same way, the bulls are not taking their hands off the price barring any price drop below the 1500 SAT level. In the coming days, sideways action is bound to happen so long as there is a breach or a close above or below the above mentioned zones.
Crypto In Danger Of Losing 52% Gains
Pressure is definitely mounting for XRP bulls as the bears rush in to bolster a breakout. With the odds in favor of bears, the crypto’s price is bent to lose as much as 52% and deplete the gains incurred this summer.
Ripple price is observed to experience struggles seen in the past week. And this week isn’t any better because XRP price registered lower this week than last week hinting a gigantic squeeze.
The bulls may potentially drop XRP like a hot potato because Ethereum price action is more promising to trade on. XRP price is expected to push the bulls further below the 55-day SMA in the coming days with the key support set at $0.36.
A possible uptick from $0.36 may propel XRP price to shoot towards $0.50 culminating a dream swing trade hinting as much as 40% gain.
XRP total market cap at $17.8 billion on the weekly chart | Source: TradingView.com
Featured image from Crowdwisdom.live, chart from TradingView.com