Ripple (XRP) Price Prediction: XRP Remains Pressured Below $0.80 Near 50 EMA
https://ift.tt/2zf5EyT
Ripple’s (XRP) price could not sustain the previous session’s gains on Saturday. XRP bounce back strongly on Friday after the Russia-led war on Ukraine send shockwaves across global markets on Thursday. But the price finds it difficult to move beyond the 50-day EMA (Exponential Moving Average) as it hovers near the crucial barrier.
- Ripple (XRP) edges lower on Saturday as volatility keeps investors on edge.
- However, the downside risk remains intact as the price fails to test $0.80.
- XRP bulls missed the opportunity to capitalize on Friday’s sound bounce back.
As per the Whale Alert, the US-based Bittrex exchange transferred 20 million XRP to the Korean platform Upbit.
At the time of writing, XRP/USD at $0.76, down 1.21% down for the day. The sixth-largest cryptocurrency by market cap held the 24-hour trading volume of $3,956,429,359 with losses of 0.41%.
XRP looks for bearish reversal
On the daily chart, Ripple (XRP) has been trading lower since the price made swing highs $0.91 as it moves inside the ‘rising wedge’ formation. It is a bearish reversal pattern as the price continues to trade in ‘lower high lower low formation’. As the price tested the lows of $0.67 and $0.622 and is one of the ways to revisit $0.58.
Furthermore, the price remains pressured below 200-EMA (Exponential Moving Average) at $0.85 since December 24. If the price sliced below the 50-day EMA of $0.76 then it could fall toward the lower trend line of $0.58.
On the flip side, if the price is able to break above the psychological $0.87 level then it could move toward the critical $1.0 level.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) trades at 51 below the average line.
MACD: The Moving Average Convergence Divergence (MACD) hovers just above midline with upside momentum.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency
