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XRP Bearish Divergence Aims Much Lower, Will It Rebound Quickly?

Highlights

    XRP’s bull run appears to have halted as the bear’s pullback the XRP price close to $0.55

    The XRP community and some analyst still believe XRP price may hit $1 very soon.

XRP Price May Plunge Close to Strong Support Levels

XRP was believed to regain the bullish momentum despite a series of plunges in recent times. But it appears that the bears have turn out to be more powerful than the bulls. And hence price may drop to the previous levels.

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One of the analysts, Alanmasters has predicted that XRP price may even visit levels below $0.5 to touch $0.45.

xrp analysts chart

According to the chart posted by the analysts, the XRP price’s EMA (Exponential Moving Average) has slipped below 10. Additionally, all the other indicators like RSI, MACD, etc also point out towards a bearish divergence. 

He also said that, if XRP price has to rebound, a strong push is need of the hour to break out the bearish channel developed in the chart. Also, many other analysts also believe the price may rebound to the deserved levels of $10 or more.

Also Read: Ripple Price Analysis: Is XRP Price Ahead of a ‘2017 like’ Bull Run?

XRP Price Analysis

XRP price in the last 24 hours, started with a correction phase that pulled the price from $0.6157 to $0.5935. Later the price bounced back to touch $0.6106 and crashed back to $0.5757 and continued the downtrend till the press time.

The RSI indicator has plunged to the lowest levels below 20 and the Moving average also points out to a bearish trend. Considering the technicals, the price is may dip below $0.5 and rebound back, giving yet another buying opportunity at the dip.

xrp bearish chart

The price at the time of writing stands at $0.5516 with a drop of 8.96 percent in the last 24 hours. As mentioned the technical indicators indicate a further drop but the market sentiments are pretty bullish. Also, the Spark airdrop may add to the bullish sentiments

The resistance levels at $0.59 need to be visited to keep the positive momentum in the right path. Else the price may slide down to the support levels at $0.48 or below.

Also Read: XRP Price Poised for a Breakout Ahead of Spark Token Airdrop

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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