Most of the cryptocurrency market is showing losses today, as prices are being retraced. The market leader Bitcoin has slightly recovered from its recent highs, but many altcoins are showing more substantial losses.
Ripple's XRP is an altcoin that has underperformed the market leader in recent days. XRP depreciated by around 9% from its November 6 high. This was preceded by a movement that saw the currency appreciate over 20% from $ 0.45 to a maximum of around $ 0.56. The volume of movements that brought the price to this level was much larger than the recent volume we saw on the retracement. This could show that there is little strength behind the fall and that a return to price increases is likely.
The price is also approaching the 200 EMA and the price level of $ 0.49, which could serve as support. Even the MACD continues to diverge upwards, showing that the long-term momentum is still largely in line with buyers.
The hourly chart shows that shorter-term momentum has shifted to sellers. The RSI has formed lower minima and lower maxima and the MACD has crossed the central line downwards and continues to diverge downwards. While the price has almost settled around $ 0.53 after the increase, the significant part of the retracement has brought the price from $ 0.53 to about $ 0.50 in the span of a couple of years. 39; hours. The price currently trades around $ 0.51 with the next upfront support at $ 0.49. This is also the point at which the EMA 200 time is exchanged.
- The XRP has risen from an increase of more than 20% which has raised it from $ 0.45 to a maximum close to $ 0.56.
- The price has gone from $ 0.53. Short-term momentum has shifted to sellers, but long-term momentum with buyers remains.
- Advance support around the $ 0.49 level, which is also where the 200 daily EMAs are traded.
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