- The Ripple price action was below the mid-uptrend line.
- The 55-day SMA provides a temporary floor and triggers a bounce.
- In this opportunity window, it’s time for the bull to profit and execute before the XRP price is set to collapse by 18%.
The price action of Ripple (XRP) is below the middle uptrend line that formed the backbone of the current uptrend after Russia invaded Ukraine. Trendline supported yesterday’s bounce and led to bear rejection, but current losses in the European stock market have created leverage in secure shelters, giving bears an edge in risk assets such as cryptocurrencies. increase. Currently, the $ 0.73 55-day Simple Moving Average (SMA) supports pullbacks, but due to the number of non-farm payrolls and the possibility of a weekend in Ukraine, the XRP price action will delay support today. It is expected to fall 18% to $ 0.62.
Time to take a parachute to the exit
Ripple pricing behavior is in a dangerous area for bulls as bears take over again over the weekend. Prices have turned down for the third straight day today, as bulls have surpassed $ 0.78 and it was inappropriate to catch $ 0.80 above. As bearish pressure increased, the short-term support trend line has fallen since Russia’s entry into Ukraine, and the recovery has stopped recovering.
So far, XRP bulls have confirmed that the 55-day SMA is creating bounces in tests, but highs during the day as safe shelters are being bid hard. Is getting lower and the stronger dollar is gaining momentum to push further to bears. Disadvantage. Expect a $ 0.73 break on the downside to trigger a drop to $ 0.70. Going below that is the February 24 low and there isn’t much way to prevent the fall to $ 0.62 that caught the fall knife action to the tick that day, but the loss of XRP is 18%. At the moment.
XRP / USD daily chart
The market will welcome the ceasefire, decompress the current situation and give the market some relief. Asset classes often move in one direction as elastic bands and, sooner or later, need to partially rewind the stretched position. This is also the case with the XRP price action. These moves are expected to rise towards $ 0.78 or $ 0.80, especially at $ 0.8030. This is the double top on February 21st and March 1st.
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