Cryptocurrency

Should Ripple Investors Worry About This?

Crying waves and steady downtrend have been one of the main features of the Ripple market lately. 3% over the last 24 hours. XRP, which has dropped 64 percent and 12% in the last week, is struggling with the $0.58 support after falling below the $0.65 support. Cryptocoin. com According to “Saif Naqvi”, whose analysis we shared, the downward breakdown of this region can increase the negative acceleration. Analyst’s technical commentary as…

XRP’s “death cross” is approaching

Since the beginning of July, XRP has always been trading within the ends of a lower channel that has been pulling lower on the charts. However, the calmness of the waves is protecting Ripple (XRP) from sharp pullback. On the other hand, the decreasing process and trade volume continue to affect prices.

The 50-SMA (yellow), 200-SMA (green) and the death cross that the analyst quoted in the technical indicators will be the first move of XRP after 5 months. At the moment, the $0.580 reinforcement could trigger a critical and possible rally for the analyst. However, the gradually calming and weakening market is giving signs in the opposite direction.

Ripple technical analysis

In detailed technical analysis, the RSI has been below 50-55 for about two months now as the bears largely control the movement of XRP. The indicator’s downtrend at the time of writing is confirmed by the price action of XRP as the bearish pressure gradually increases. In addition, the On Balance indicator, which uses volume and price to measure buying and selling pressure, is trending lower as quoted by the analyst, showing that selling pressure continues to surpass buying pressure. This information is a trend that is unlikely to change, according to the analyst, due to the lack of bullish cues in the market.

On the other hand, although the Awesome Oscillator has recorded a measure of bullish momentum, the same thing does not seem valuable enough to trigger an upside swing, as the index remains below the half line. While XRP’s 20-SMA (red) is also in a downtrend, the price trades below 0.65 in the next few days, which is to be expected, according to the analyst. Additionally, crypto market watchers should be wary of a close below $0.580 as the truth could trigger a 12% drop from June 22 low to $0.509.

XRP points to a decline, according to the analyst

The analyst, who is waiting for a decrease in XRP, states that there are several levels that can trigger this. A break below the $0.580 support could result in a sharp drop to the next defensive line at the real $0.509 mark. While traders may prefer to sell XRP in case of a close below $ 0.580, for the analyst, choosing a “long” process from the reinforcement levels in these regions will be the most reliable decision that can be taken.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button