XRP has remained above the psychological level of 1.0000 despite the recent downtrend. After hitting a six-month high of 1.3487 mid-last week, the altcoin has since dropped by about 22.97%.
Currently, Ripple trades at $1.06. On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages. Based on both the fundamentals and technicals, the crypto may remain under pressure in the near term.
I expect the crypto to trade within a rather tight range between Thursday’s low of 1,0160 and the 25-day EMA at 1.0883. Past the horizontal channel’s upper border, Ripple price will be in good shape to rebound further above the prior support level of 1.1000.
If that happens, the resistance level to watch will be along the 50-day EMA at 1.1202. A move below the channel’s lower border will have the bulls defending the crucial support zone of 1.0000.
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Currently, Ripple trades at $1.06. On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages. Based on both the fundamentals and technicals, the crypto may remain under pressure in the near term.
I expect the crypto to trade within a rather tight range between Thursday’s low of 1,0160 and the 25-day EMA at 1.0883. Past the horizontal channel’s upper border, Ripple price will be in good shape to rebound further above the prior support level of 1.1000.
If that happens, the resistance level to watch will be along the 50-day EMA at 1.1202. A move below the channel’s lower border will have the bulls defending the crucial support zone of 1.0000.
Hello, community, please if you like my ideas do not forget to support them with your likes and comment, and you can also get in touch for daily signals and alerts.
