May 20, 2022

Ripple (XRP) Price Prediction: XRP Could Test $0.70 Below 50-day EMA

2 min read

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Ripple’s (XRP) cost is facing disadvantage risk stopping working to extend the previous session’s gains on Wednesday. The heavyweights of the international crypto market Bitcoin(BTC) fell 1.24 %, and the second-largest cryptocurrency Ethereum shed 0.57%

  • . Ripple’s (XRP) rate trades lower on Wednesday amid worldwide volatility and threat aversion.
  • XRP deals with a drawback danger toward $0.70 if the rate breaks listed below 50-day EMA.
  • The momentum oscillator gives mixed signals that alert traders of aggressive quotes.

As of press time, XRP/USD is trading at $0.76, down 2.88% for the day. The sixth-largest cryptocurrency by market cap holds the 24-hour trading volume at $2,463,626,968 with 24% losses as per the CoinMarketCap.

XRP face upside run the risk of

Source: Trading view On the daily chart, Ripple (XRP) cost loiters near the crucial 50-day Exponential Moving Average (EMA) at $0.76. Moreover, the price remains pressured at swing highs of $0.91 pulling back nearly 31%.

After evaluating lows in February at $0.62, XRP deals with multiple rejections around the coming down pattern line from the recent highs.

Now, if the price slips below the discussed moving typical then the very first drawback target is placed at $0.70. An everyday close listed below the said level will next explore the horizontal support line at $0.62.

Although the present cost action appears to be in favor of the bears. However, a spike in buy orders could push the price to test the previous session’s high of $0.80, this will also coincide with closing above the bearish slopping line.

Next, the possession will go for the vital 200-EMA at $0.85.

Technical signs:

RSI: The Daily Relative Strength Index (RSI) trades just a little bit above the typical line while checking out at 49.

MACD: The Moving Average Convergence Divergence (MACD) hovers above the midline with a bullish predisposition.

The post Ripple (XRP) Price Prediction: XRP Could Test $0.70 Below 50-day EMA appeared initially on CoinGape.