XRP Price Analysis: Ripple Recovery Dies At $0.75, But These Are The Levels To Watch
- Ripple bulls throw more jabs at $0.75, but uptrend to $0.8 and $0.8 fails to materialize.
- The correction from monthly highs cracks the ascending channel’s middle boundary support.
- Network activity shoots up, suggesting that speculation levels are high as investors gaze at $1.
Ripple recoiled from the support at $0.62, following a new On-Demand Liquidity corridor between Japan and the Philippines. Investors celebrated the development as XRP lifted above $0.7. The up leg extended to $0.75 before Ripple retested $0.7.
Support at $0.7 allowed bulls to pull the price marginally above $0.75 for the second time in one week. However, the desire to have Ripple trade above $0.8 and toward $1 were shattered due to an ongoing correction.
XRP Price Hunting For Higher Support
As the recovery shaped up from the losses encountered last week, an ascending parallel channel emerged. The upper boundary capped the bulls’ efforts while the lower edge ensured that bearish advances were mitigated.
Meanwhile, Ripple teeters at $0.72 moments after slicing the channel’s middle boundary support. Currently, attention is channeled toward securing higher support, preferably above $0.7. If push comes to shove, losses will gain momentum, with Ripple pushed to explore levels toward $0.6.
The Moving Average Convergence Divergence (MACD) indicator could soon reinforce the bearish outlook. After recovering from levels around -0.01764, the trend-following technical tool slowed down at 0.03306.
As the 12-day exponential moving averaged (EMA) crosses below the 26-day EMA, the odds for a downtrend will increase. Besides, the movement toward the mean line and into the negative region will add weight to the bearish outlook.
XRP/USD four-hour chart
The TD Sequential Indicator has presented a signal, calling sellers into the market. The bearish call manifested in a green nine candlestick and infers that bears will dominate the action in the market. If validated, Ripple will slump in one to four daily candles. Note that most of the previous sell signals have been confirmed and resulted in significant losses.
Subsequently, another sell signal may soon appear on the 12-hour chart. This will serve as confirmation of the existing bearish narrative. Hence, it is imperative to say that the uptrend is in jeopardy, and a potentially massive downtrend is in the offing.
XRP/USD 12-hour and daily charts
An uptick in the number of addresses shows that speculation levels are on the higher side. According to Santiment, an increase in the number of addresses interacting on the XRP Ledger is a bullish signal. In other words, investor interest is high, and bulls have the energy to sustain the uptrend.
Ripple Active Addresses Metric Turns Green
At the same time, holding at the support at $0.7 and $0.72 will uphold market stability. Buyers will have the opportunity to work on gains above $0.75 and stretch the leg to $0.8.