XRP Price Ripple Price Analysis and Forecast: XRP Is Still Under Pressure Below $0.80 Near the 50-Day Moving Average
On Saturday, the Ripple Price (XRP) was unable to maintain its gains from the previous session. After the Russian-led conflict in Ukraine sent tremors across world markets on Thursday, Ripple XRP rebounded strongly on Friday. However, as it approaches the critical 50-day EMA (Exponential Moving Average), the price is finding it tough to go beyond it.
- On Saturday, Ripple (XRP) fell deeply as market movement kept investors on the tip of their toes.
- However, as long as the xrp price does not touch $0.80, the downside risk persists.
- Bulls in XRP lost out on Friday’s strong rebound.
A Us Bittrex exchange sent 20,000,000 XRP to a Korean site Upbit, according to the Whale Alert.
XRP/USD is now trading at $0.76, losing 1.21 percent on the day. With a 24-hour trading volume of $3,956,429,359, the sixth place cryptocurrency by market capitalization lost 0.41 percent.
A Bearish Reversal is Expected for XRP
Ripple (XRP) has now been moving downward here on the daily chart after making swing highs of $0.91 as it advances within the ‘rising wedge’ pattern. The price is still trading in a ‘lower high lower low formation,’ which is a negative reversal pattern. As the market has touched the dips of $0.67 and $0.622, it may be one of the approaches to revert to $0.58.
Furthermore, since December 24, The Ripple price has been under pressure below the 200-EMA (Exponential Moving Average) around $0.85. If the price falls just below 50-day EMA of $0.76, it may go below the $0.58 downward trend line.
On the other hand, if the price can break over the psychological $0.87 level, it will be able to proceed toward the important $1.0 level.
Highlighting Indicators:
The Daily Relative Strength Index (RSI) is now trading at 51, which is below the typical line.
MACD: With rising momentum, the Moving Average Convergence Divergence (MACD) sits barely above the midline.
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The material offered may include the author’s own opinion and is subject to market circumstances. Before investing in cryptocurrency, do your homework. Your individual financial loss is not the responsibility of the author or the magazine.
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