XRP has tried to break above the support cycle for some days now, which has proved abortive. Presently, the digital asset has been enduring some sideways movement, which has been present in the market in the last few days.
Even though the price of the asset has failed to move above the 21-day moving average, the level has been the pillar of support that has stopped the asset from going below. If market forces trigger the bulls into showing face, they would be able to push the digital asset way above the moving average in a bid to touch more channels.
XRP might dip in the coming days
XRP is presently trading around the $0.45 price zone, and if the bears come to the party, the digital asset could give way and trade far under both the 9 day and the 21-day moving average. If this eventually happens, the price would go way under with the next support level of $0.35, the level that could hold the coin steady. Investors need to be wary of the $0.50 zone if they are to trigger a bearish move as the major resistance lies at $0.60.
If the bulls break above the resistance, it would need more support from traders and investors to break above the $0.65 and $0.70 resistance levels. Additionally, the market may experience a little sell-off once it eventually sees a bullish run that will take it into the trading channel’s upper region.
If the digital asset price fails to recover after the sell-off, it could see a further decline in the market, seeing the digital asset drop towards the $0.35 zone. If a further drop happens, it could touch the $0.25, $0.20, and $0.15 levels. The Relative Strength Index shows that a movement below the signal line is in the offing with the 65 level in view.
XRP/BTC trading pair
Taking a look at the digital asset’s action against the leading digital asset, Bitcoin, it is trading way below the 9 day moving average. The trading pair of the assets has failed to touch the upper channel today, opening the market to a downtrend with the trading pair touching a low level of 1067 Satoshi. The present market shows that the bears are presently making their way into the market, with the digital asset expected to move close to the lowest support level around the 700 Satoshi price mark. The Relative Strength Index has shown that the asset might remain in the same position that it has occupied in the last few days. If the bears overtake the market, it will go below the 55 level, which shows that the bearish run is still in the market.