After Ripple has witnessed a massive trend reversal towards the downside. It appears as if this crypto is currently attempting to recover the lost price levels. However, only when things started gaining a better outlook did we begin to witness more signs of setbacks. It appears as if selling pressure has resumed once more only when the price has only recovered just about 5.7% correction in the upside.
XRP Analysis Statistics Data:
XRP Current Price: $0.3435
XRP Market Capitalization: $16.997 billion
XRP Systemic Supply: 45.58 billion
XRP Overall Supply: 99.99 billion
XRP Coinmarketcap Position: #7
Crucial Price Levels:
Top Levels: $0.3471, $0.3500, $0.3550
Bottom Levels: $0.3435, $0.3365, $0.3325
However, it’s good for us to examine the signs, that are around in the market before making trading decisions in this market. To this effect will be analyzing these signs using trading indicators. Without further delay, let’s dive straight in.
Ripple Upward Correction Looks Weak, the Basis for Tamadoge Is Bullish
After the bears delivered a very powerful blow to Ripple price action, there have been some buying activities in the XRP/USD. The noticed buying activities have managed to raise XRP’s price only a few steps to the upside around $0.3500. Studying the XRP/USD 24 hours, we can perceive that the 9/21 days EMAs are still above the price action. However, the indicator curves are pointing downwards towards price movements. Also, the behavior of the EMA curves appears as if the Indicator seeks to come under the price action, yet at this point, it hasn’t. In addition, Examining the Stochastic RSI indicator, we can see that the lines of this Indicator are moving upwards while bullish candles kept forming. However, once a bearish candle showed up, the quicker line of the SRSI made a sharp bend towards the slower line. This indicates that the bears are still strong in this market. Nevertheless, traders can wait by placing a pending entry order near $0.3570.
Ripple Price Analysis: XRP/BTC Is Claiming Minimal Gains
On the XRP/BTC daily chart, the pair is managing to record minimal value gains. This is portrayed by the appearance of many tiny bullish candles. And, this has brought the value of the pair to around 0.00000927. Additionally, an inverted bullish hammer candlestick has been able to pass itself in-between the two EMA lines. Therefore this may be pointing to an upward value correction.
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Furthermore, the Stochastic RSI now steadily rising upwards. Consequently, this is telling of the gradual gain of momentum in Ripple price action. Although, we may say that this is rather coming too late as the curves of the RSI indicator have reached the overbought region. The curve of this Indicator is now at the 89% and 85% levels. Therefore, we might not be in for much in this market as the trend may reverse as soon as the 100% mark is reached. On the other hand, if the buying pressure should persist, this indicator line will sustain even when it has reached the overbought area. Traders can wait till the price candle has emerged above the EMA curves.
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