Coin Edition -
- XRP price declines to 4.06%, with resistance at the 50-day EMA and support at the 50-day SMA.
- Possibility of a bullish spike if XRP closes above the 200-day EMA and breaks beyond the prior high of 55.7 cents.
- The long-term picture shows solid support between 33 and 35 cents, and reasonable price goals are between $5.59 and $11.26.
Over the last several days, the price of XRP, a cryptocurrency that investors keep a close eye on, has taken a dip. It is currently finding support at the 50-day Simple Moving Average (SMA), which is around 52.10 cents, according to a video analysis by Cheeky Crypto. Determining its short-term trajectory depends critically on this support level.
If this support at the 50-day SMA holds, analysts anticipate a potential upward swing soon. However, XRP faces a significant hurdle in resistance at the 50-day Exponential Moving Average (EMA), situated at 53.40 cents. Clearing this resistance level is essential for any substantial price pump.
If XRP breaks above the 200-day EMA, which is also at 55.70 cents, and surpasses its prior high of 55.70 cents, there will be a notable price rise. This movement would suggest a positive trend and might lead to more buying pressure.
A long position can be considered by investors if XRP closes above the 200-day EMA. With 61 cents being the next resistance level, a stop loss should be placed below the 50-day EMA. Investors may think about shorting XRP with a stop loss right above the 200-day EMA to target lower price levels if the cryptocurrency cannot break above the 200-day EMA.
Various market indicators offer insights into XRP’s current status. The Stochastic RSI suggests a potential bullish stance due to insufficient selling pressure, while the Volume Profile indicates a decrease in volume, signaling a lack of significant selling pressure. Smart Money Concepts also highlight possible resistance around 57 to 59 cents and support at lower ranges.
Long-term indicators show that XRP, which is currently up 0.49% over the last day at $0.519631 with a trading volume of $1,142,890,007, has strong support levels around 33 to 35 cents. Weekly EMA and SMA resistances are roughly at 54.8 and 56.8 cents, respectively. The range of conservative price expectations for XRP is $5.59 to $11.26, although these estimates could fluctuate depending on how the SEC vs. Ripple case churns out.
The post XRP’s Price Action Explained: What Technical Indicators Say About the Crypto’s Next Move appeared first on Coin Edition.