XRP is looking bearish and trading near the 200-day moving average. We have been seeing signs that a bullish reversal may be on its way, but for now, XRP remains in downtrend territory. This means there are two things to watch out for: 1) A break of the 100-day MA line (yellow), or 2) A retest of the 200-day MA (white).
The XRP Coin price has been hovering around the 200-day moving average for the past week. At its current price, it is trading at just over $0.86 USD (at the time of writing). The 100-day MA should be watched as well to see when sustaining above it and give confirmation that there may soon be a reversal in this bearish trend.
For now, traders should watch for a breakout or breakdown of 200-DMA support at $0.78 to determine if this is the case. Trading along with XRP means being attentive and careful when trading in either direction as it could make an explosive move on any given day without warning. If more buyers come into play near the support then we can see a sharp bounce from current levels.
The recent rally in the crypto sector has left XRP susceptible to a breakout as traders exit their positions. It is important for those with longs on XRP to maintain tight stop losses, preferably at $0.64 (previous resistance before the break out). If this level fails then it will be time to take profits and enter into short trades on XRP until new support levels are established.
Technical Parameters of XRP coin
RSI heading towards an oversold zone as it had been for months now. Although some strong signs of recovery are present they might be too late for this year’s $8-$10 range which was predicted by most crypto analysts at the end of 2021. A lot of sources point out 2022 will be better than before because more influential people keep investing in this crypto asset.
XRP MACD is on the verge of a bearish cross, but only just. We have seen this before and it has failed to follow through in recent weeks.