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XRP has seen some intensely bearish price action throughout the past several days and weeks. This weakness is clearly elucidated while looking towards its Bitcoin trading pair, as the token has been severely underperforming the benchmark crypto in recent times.
The immense downtrend that has come about as a result of this weakness appears to have led XRP to a bedrock support level that has been historically significant.
In years past, visits to this level have been met with massive buying pressure that allows the crypto to post some notable upside movements, although it remains unclear as to whether or not its lack of buying pressure will be enough to force it lower.
This comes as analysts note that XRP’s short-term technical outlook is growing brighter by the day.
XRP Declines Beneath $0.20 but Begins Showing Signs of Technical Strength
At the time of writing, XRP is trading down just under 1% against its USD trading pair at its current price of $0.196.
This marks a notable decline from its multi-day highs of nearly $0.23 that were set just prior to its capitulatory selloff.
In the time following the sharp decline seen on Saturday, the cryptocurrency has been flashing some subtle signs of bullishness as it has posted three notable bounces at the support it has established at $0.19.
This potential triple bottom formation is a bullish pattern that could help the cryptocurrency higher in the days and weeks ahead.
While looking towards XRP’s weekly chart, the cryptocurrency is also flashing some subtle signs of strength.
One popular pseudonymous analyst spoke about this in a recent tweet, explaining that its USD trading pair seems “pretty bullish” due to the strong bounce it has posted as support during its latest decline.
“Not looking at the BTC Pair, the USD Pair…seems pretty bullish to me,” he explained while pointing to the chart seen below.
This Support Could Seriously Bolster the Crypto in the Days and Weeks Ahead
In addition to forming a potential triple bottom and posting a strong defense of its weekly support, XRP is also fast approaching a bedrock macro support level that has been ardently defended throughout multiple years.
It is now venturing into this support region – against its BTC trading pair – which means that it could be on the cusp of making a massive movement in the days and weeks ahead.
Another well-respected pseudonymous trader spoke about this support level in a recent tweet, saying:
“XRP: I’m expecting a significant bounce somewhere in green. I’d argue XRP is probably a not so terrible buy already but given the fact that it hitting the lower boundary of the support outlined is very possible I’m playing defensive for now.”
Featured image from Unplash.
