Here’s the A to Z of XRP’s prospects in the short-term

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

XRP had to be a witness to bearish rallies that pulled the alt all the way to its $0.33-baseline last week. A strong rejection of prices at the 70.2%, 61.8%, and 38.2% Fibonacci hurdles provoked a string of red candles on the daily chart.

Looking at the convergence of resistance levels around the $0.44-mark, a short-term pullback could find resting grounds at the $0.38-level.

At press time, XRP was trading at $0.4165, down by 3.86% in the last 24 hours.

Source: TradingView, XRP/USDT

Liquidations from the $0.86-ceiling transposed a 63.86% drop over the last 45 days. Thus, after falling below its trendline resistance (yellow, dashed), XRP poked its 15-month low on 12 May. While impeding the southbound rally, buyers induced a few green candles but failed to back it up on high volumes.

Over the last six days, the altcoin has seen a bearish pennant setup on the daily timeframe. The Point of Control (POC, red) has now constricted the buying efforts while the bears continue to display their edge. Also, the converging trendlines (yellow) have offered reliable caps and floors over the last two months. 

A persuasive close below the pennant would clear the way for a retest of the $0.38-support in the coming sessions. Following the same, buyers would likely find renewed buying pressure and recoup their forces to challenge the bonds of its POC.

To modify the current trend in their favor, buyers have to still find a way to overturn the 20 EMA (red) and the 50 EMA (cyan).

Source: TradingView, XRP/USDT

The Relative Strength Index emphasized a gradual uptrend from the oversold region. A revival from the 33-mark