2020-4-29 13:27 |
Ripple’s XRP has been able to enjoy an impressive rally in the last 24 hours, but an extremely precise technical index reveals that a retracement is underway.
XRP Poised to Pull BackThe cryptocurrency market is back in the green as speculation mounts leading up to Bitcoin’s halving event.
Over the past 24 hours alone, more than $10 billion have flooded the market. This inflow has boosted the price of many digital assets including Ripple’s XRP.
In such a short period of time, the number three altcoin went from trading at a low of $0.195 to recently hitting a high of $0.22.
The sudden bullish impulse helped recover all the losses incurred during Black Thursday.
Now, XRP faces significant resistance ahead based on the daily chart. This barrier is represented by the 100-day moving average. Above this barrier, sits the 200-day moving average.
Considering the significance of this supply zone, this barrier may be able to put a stop to XRP’s uprising. The TD sequential indicator supports this thesis too.
XRP/USD on TradingViewBased on the 4-hour chart, the TD setup is currently on a green eight candlestick suggesting that a sell signal is about to develop in the form of a green nine candlestick.
Such a bearish formation estimates a one to four candlesticks correction before the continuation of the uptrend.
XRP/USD on TradingViewA spike in the selling pressure behind XRP near the current price levels would likely validate the sell signal.
If this were to happen, one could expect this cryptocurrency to drop to the 23.6% or 38.2% Fibonacci retracement level.
These support walls sit at $0.21 and $0.20, respectively.
XRP/USD on TradingViewFactors to ConsiderHistorical data reveals that the TD index has been able to accurately predict local tops throughout the past month.
Some of the most significant corrections including the ones that began on Mar. 20, Apr. 7, and Apr. 19 were preceded by a green nine candlestick.
Therefore, the bearish outlook presented by this indicator must be taken seriously given its accuracy and the massive resistance that lays ahead.
XRP/USD on TradingViewDue to the unpredictability of the cryptocurrency market and proximity to Bitcoin’s halving, however, altcoins may not follow clear-cut narratives.
An increase in demand that allows XRP to move past its 100- and 200-day moving average, for instance, would jeopardize the bearish outlook mentioned above.
Under such circumstances, the next important levels of resistance to watch out for sit around $0.25 and $0.26.
The post Ripple’s XRP May Shed Gains from Latest Bull Run appeared first on Crypto Briefing.
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