XRP: Whether or not you should consider buying at this price

ambcrypto.com:

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

XRP’s latest breakdown highlighted near-term rebounding tendencies from the $0.32-support level. However, the drop below the EMA ribbons has expedited the long-term bearish edge on the daily chart.

The buyers are now trying to stop the bleeding of the recent bearish pennant breakdown. However, a reversal from the $0.3319-level would aid sellers in rekindling their power to initiate a sluggish phase. At press time, XRP was trading at $0.3303, down by over 11.2% in the past month.

Source: TradingView, XRP/USDT

After a nearly two-month up-channel oscillation, the sellers renewed their edge from the coin’s long-term supply zone in the $0.36-$0.39 range. This u-turn inflicted a reversal below its EMA ribbons. The bearish pennant breakdown snapped the $0.334 level and flipped it to immediate resistance from support.

Hereon, the bears might look to evoke a reversal from the $0.33-zone, especially with the rising gap between the south-looking EMA ribbons.

A potential reversal from the $0.33-support could position XRP to retest the $0.32-support. An eventual close below this support level would only aggravate the bearish pressure towards the $0.309-level in the coming sessions.

The buyers must find a way to test the 20 EMA to break the bearish press time shackles in the aforementioned price range.

Source: TradingView, XRP/USDT

The Relative Strength Index (RSI) continued to sway below the equilibrium over the last few days. An eventual close above the 50-level could hint at easing selling pressure.

Also, the Accumulation/Distribution (A/D) trend marked higher troughs to depict a relatively mild bullish