XRP's breach of descending channel boosts coin's price
XRP’s price has been tumbling every day under the bear’s pressure. Since the beginning of November, XRP has dropped by 25.35% and has not been able to recover from the continuous devaluation. Recently, it reached a new low that hasn’t been visited by the coin in two years: $0.2007.
However, the breach of a bullish pattern has resulted in a boost to XRP’s price as it rose by 7.69%. After the boost, the price of the coin stood at $0.2251, with a market cap of $9.68 billion, at press time.
Daily chart
The daily chart for XRP suggested the formation of a descending channel that marked lower highs of the coin at $0.2828, $0.2717, $0.2550, and $0.2519, and lower lows at $0.2408 and $0.2286. The coin’s price moved along the two downward-sloping trend lines and as the coin breached the pattern, the price started to climb up.
The breach pushed the price of the coin upwards, preventing a further devaluation. The 50-day moving average crossed over the 100-day moving average, after much struggle, 22 days ago. However, the coin has lost 26.53% of its value in the meantime.
The MACD indicator noted an extremely bearish market as the MACD line was dominated by the signal line, noting a continued bearish trend. The Relative Strength Index [RSI] had dipped to the oversold zone, but recently had re-entered the equilibrium zone. However, the signal line lay flat with no hints of further movement.
Conclusion
The breach of the descending channel boosted the price of the coin. However, the bearishness in the market remained evident.
OhNoCrypto
via https://www.ohnocrypto.com
Namrata Shukla, Khareem Sudlow
