Bears Ready To Enter The XRP Market

Ripple has been enduring a small decline in the past few days as the digital asset is presently on its way below the support zone. Before the coin triggers the bulls, it would need to hit the $0.50 support level and be defended by trader activities.

Even though the digital asset was trading above the upper channel some days ago, it has started a steady decline in recent days. It is presently trading well below its 9-day moving average, with the bears moving close to enter the market.

XRP is presently trading under its moving averages

With the digital asset presently trading around the $0.545 price level, a slight move below that price mark would trigger the bears and take the price towards the support level at $0.48. Also, traders would need to keep an eye out for the $0.60 level if the asset begins a bullish run. If the bullish run eventually happens, then the digital asset would seek to surge above the first resistance level at $0.68. if the bulls are successful in that quest, they would need the traders to break above the $0.70 and $0.72 price regions.

If the digital asset touches the $0.50 price region, it could trigger a sell-off, requiring more intervention for another surge. If the intervention is absent, the digital asset could finally give way and allow the bears to enter the market. If that happens, the asset will look to the $0.44 support zone. If that level doesn’t support and trigger an upward move, it will need the bulls to defend the next support levels at $0.42 and $0.40. presently, the Relative Strength Index level of the asset is around the 60 level.

XRP/BTC price comparison

In comparison to Bitcoin, the digital asset is making a sideways trade. If the selling pressure does not stop, then the digital asset would trigger another low, which would see it move down further the channel. At present, the digital asset is moving under both its moving averages as on-chain details show that a decline is imminent in the market. The digital asset needs to be wary of the support zone at 700 Satoshi as a trade under could trigger a decline to rest around the 600 Satoshi support level. If a bull run should happen, then traders would need to back the coin as it would hope to break above the 1200 Satoshi resistance level.

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