XRP has experienced extremely bearish price action in the past few days and weeks. This weakness is clearly clarified by looking towards its Bitcoin trading pair, as the token has recently underperformed the benchmark crypto.
The huge downward trend that has occurred as a result of this weakness appears to have pushed XRP to a basic support level that has been historically significant.
In recent years, visits to this level have faced massive buying pressure that allows cryptography to post notable bullish movements, although it is not clear whether its lack of buying pressure will be enough to force it.
This happens when analysts point out that the short-term technical outlook for XRP is getting brighter every day.
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XRP drops below $ 0.20 but begins to show signs of technical strength
At the time of writing, the XRP is trading at just under 1% against its USD trading pair at its current price of $ 0.196.
This marks a notable drop from its multi-day highs of nearly $ 0.23 which were set just before its liquidation in surrender.
In the time that followed the sharp decline seen on Saturday, the cryptocurrency showed subtle signs of optimism as it released three notable rebounds on the medium it set at $ 0.19.
This possible formation of triple bottom is a bullish model that could help the cryptocurrency to increase in the days and weeks to come.
Looking at the weekly XRP chart, the cryptocurrency also shows some subtle signs of strength.
A popular pseudonym spoke of this in a recent tweet, explaining that its USD trading pair looks "rather bullish" due to the strong rebound it posted as support during its last decline.
"Without looking at the BTC pair, the USD pair … seems pretty optimistic to me," he said, pointing to the graph below.
Image courtesy of Smokey
This support could seriously strengthen encryption in the following days and weeks
In addition to forming a potential triple bottom and showing solid defense of its weekly support, XRP is also rapidly approaching a level of basic macro support that has been fiercely defended over the years .
Now he's venturing into this supportive region, against his BTC trading pair, which means he could be on the verge of making a massive move in the coming days and weeks.
Another well-respected nickname merchant spoke about this level of support in a recent tweet, say:
"XRP: I expect a significant rebound somewhere in green. I would say that XRP is probably no longer such a terrible purchase, but given that it is entirely possible to ; reach the lower limit of the described support, I'm playing defense for now "
Image courtesy of DonAlt
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