Price Analysis

XRP Appears Bearish Yet Rises Above the Weekly Low of $0.26

  • At the time of writing, XRP against US Dollar was trading at $0.282 and retained short-term support from the 10-day daily moving average
  • The 200-day MA crossed above 50-day MA which happens to be a “death crossover” and is projecting towards bearish divergences in the upcoming days
  • The price of Ripple cryptocurrency slides below 38.20% Fib Retracement level due to lack of support and breaks through the rising trend

XRP coin, along with the other two major coins of the market viz., Bitcoin and Ethereum, are seen correcting downwards as the king of cryptos slid below $10,000. The current trading price of Ripple holds a bearish crossover and retains no support from the daily moving averages.

Ripple Price Analysis

Ripple (XRP) Price News
XRP/USD Chart By TradingView

Analyzing the weekly movement of XRP against USD, we see that the currency is facing a dearth of momentum as it hits rock bottom and loses by over 22% in less than 48 hours. Interestingly, the trend appeared to be forming consequent highs in the early half of the previous week. However, the lack of pace and momentum led the Ripple coin to experience a fall and test support at $0.269, from where it grew to hit the fresh 90-day high. Confirming the same, we see that the XRP price had a fall from 61.80% Fib Retracement Area to currently being below 38.20% Fib.

The 20-day Bollinger Bands laid do not project about unpredictable volatility in the upcoming days yet face lack of momentum.

Technical Indicators

XRP Coin

The other technical indicators laid confirm the fall in the price of Ripple as the MACD of the coin hit below zero when the currency tested the support at $0.269. Although, currently, it is seen making a recovery as it currently trades in a $0.28 price zone.

The RSI of the XRP coin is also seen accumulating above the selling zone as it lies at 43.69.

Tags

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button
Close