XRP: How investors can leverage these two outcomes to make profits

ambcrypto.com:

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

With the 23.6% Fibonacci level shunning the recent buying efforts, XRP’s bearish pennant saw a down breakout on the daily timeframe. 

Now that it fell below its Point of Control (POC, red), the altcoin approached a vital price zone in the $0.384-zone. The buyers have held up this level for over a year. A close below the immediate demand zone would provide shorting opportunities.

However, if the buyers capitalize and recoup at the trendline support (yellow), the alt could see a bounce back. At press time, XRP traded at $0.3856.

Source: TradingView, XRP/USDT

The altcoin now stood at a critical juncture in its extended bearish rally. For over two months, the buyers have not had an opportunity to spur a streak of more than three green candles during the revival phase.

As this south-looking journey approached its 15-month support at the $0.3839-level, XRP could eye at two outcomes in the coming sessions.

After a recent bearish engulfing candlestick from the bearish pennant breakout, the alt fell below the POC. Further, the selling volumes have been relatively higher than buy orders over the last three days.

Any close below the immediate baseline would give sellers enough thrust to open a doorway toward the $0.33-zone.

On a rather brighter side, the current price was over-extended from its 50 EMA (cyan). Over the past year, the price action has seen a bounce back after dipping below 27% from its 50 EMA. This reading alongside the sturdiness of immediate support can trigger a near-term revival. In this case, a close beyond the $0.3914 could expose XRP to an upside toward the $0.42-$0.44 range.

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