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While Ripple's XRP outperformed during most of the bearish movements last week, its recent price action was more volatile. The price of XRP has supported support about $ 0.4 times, but has abruptly rebounded every time.
With the price action continuing at this level, there is a greater chance that it will go down under going forward. Each return to the level progressively decreases the support to purchase each time.
The price was volatile during the last day and also suffered a short spike up to $ 0.5. $ 0.5 is around the point where the daily 200 EMA is traded and will probably encounter strong resistance at this level. The price is currently trading around $ 0.44.
In the short-term time table, the price could suffer some resistance to the 50 EMA per hour which caused a reversal of prices the last time it approached this moving average. The first few times when the price approached the $ 0.4 level, it rebounded quickly, but the recent price action has spent more time negotiating close to the level. This shows that traders are more comfortable with XRP trading at lower valuations and increases the likelihood of a fall below $ 0.4.
The overall market rebounded from yesterday's lows, which could correspond to the steady increase recorded in the XRP. Bitcoin market leader closed 2018 yesterday just under $ 4200, but has since risen to $ 4400.
Key Takeaways:
- The XRP has experienced volatile movements in the last 24 hours, which saw it fall to $ 0.4 and increase briefly to $ 0.5.
- Resistance probably tested near $ 0.5 with EMA 200 trading at this point.
- The XRP has increased recently, corresponding to market increases, but some resistance to the 50 EMA per hour is likely to occur.
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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