XRP Exhibits a Bearish Crossover and Seems to Retest Support at $0.20
XRP, at the time of penning down this article, was trading at $0.210 on Bitfinex. At the time of writing, we rightly analyze the downtrend that is faced by the coin as it nears the formed support of around $0.20. It also lacks steady support from the short and medium-term moving averages as it breaks through the uptrend. However, if we take into consideration the growth of Bitcoin and its persistent trade above $8,000, we can rightly expect XRP price to take an uptrend.
XRP Price Analysis
Analyzing the XRP/USD movement on Bitfinex, we see that the coin experienced a downtrend after mounting at $0.225 in the previous week and forming a falling wedge. Later, it bottomed as close as $0.20 just to rise and face resistance at $0.219. The lower lows have been quite consistent as the candlesticks take a reversal on the hourly chart. Currently, the price of Ripple crypto is seen correcting downwards as it lacks momentum and support from the daily short-term moving averages. With this, we foresee moderate volatility in the upcoming days.
Technical Indicators
The technical Indicators laid confirms the intraday dip of XRP as the coin breaks through the uptrend and seems to retest the support near $0.20. The MACD of the coin is seen sliding below the baseline and is seen overridden by the signal line.
The RSI of the coin is at 41.69 and is seen sliding downsides towards the support at 30.
