- XRP price witnesses a death cross of the 8- and 21- day simple moving averages
- Volume profile persists with sparse transactions hinting that bulls are uninterested
- Invalidation of the bearish outlook is a breach above $0.48
XRP price leans on an ascending trendline yet again. A closing candle below the trend could spell serious trouble.
XPR price is down but not dead
XRP price is on the borderline of a serious mayday showdown as the digital remittance token ascends turbulently above a weekly trend line. The trend, established since the June 18 crypto liquidation, is stepping in for the 3rd time to assist the bulls in keeping the peace.
Classical technical analysts understand that this continual dependence on the trend can not persist forever. Quite frankly, if the XRP gang can’t propel impulsively higher from here, they likely never will.
XRP price currently auctions at $0.349. When zooming out, the Elliott Wave count suggests that the market bottom is close but could need one more wave down, targeting $0.22. Such a decline would result in a 40% discount from today’s market value. The volume profile indicator shows relatively sparse transitions confounding the idea that high-cap investors are sidelined while waiting for Wall Street’s offering.
The safest way to qualify and to the war to end will be if the bulls can reconquer the $0.48 level (the previous wave 4 of a smaller degree). Though the invalidation is more than 45% away from the current market value, a breach of the invalidation level would promote a favorable bullish environment with plenty of opportunities to go long in both the short and midterm. A reattempt at the all-time highs ($1.96) would result in a 475% increase from the current XRP price.