Ripple Price Falls Below $0.43 As Bears Take Control Of The Market
21 Mai 2022 - 11:00AM
NEWSBTC
Following the massive dump in the past week, Ripple price regains
its stance on a long trend. Moreover, bulls must tower the bears in
this current market momentum. Last week wasn’t a good trading week
for Ripple buyers, as the XRP token recorded a massive 42% loss. As
a result, the week closed below $0.4255. Notably, the entire week
had the token’s price steadily following a huge bearish trend,
declining to $0.4018 before climbing back to $0.4123 and
terminating there for the week. Notably, most indicators have been
engrossed in the oversold zone, implying the possibility of a
temporary uptrend. However, the token’s price must create a higher
low and higher high to validate this momentum reversal. This also
means that the bulls must push XRP’s price up to $0.65 before it
can create form a bullish trend. What Are The Odds? Due to the
massive decline, one can only expect the XRP token to record a
bullish momentum, or bullish mean reversal, temporarily. On the
other hand, we can expect it to be short-term, given the present
market structure. The technical oscillator’s value shows that the
token tested the all-time-low (ATL) in the hourly, daily, and
weekly charts. Related Reading | More Stress For El Salvador
As Bitcoin Dips To $29,000 It’s also worthy to note that the
token’s price is still trading below the 50-day & 100-day
Exponential Moving Average (EMA). Thus, a rejuvenated buying
pressure would force the price to reach the 50-day Exponential
Moving Average before testing the psychological $0.50 mark. On the
other hand, a decline in the bearish momentum would cause the coin
to continue in a steady decline or downtrend. Should XRP break
below the current session’s low value, it’d test Friday’s low at
$0.40. Technical Indicators Moving Average Convergence Divergence:
The MACD trades underneath the midline with steadily growing
bullish momentum. Relative Strength Index: The RSI hovers close to
the average line, having no stated directional bias. A Brief On
Ripple? Ripple is an innovative crypto project that functions very
interestingly as a cryptocurrency and a payment gateway. Created by
the Ripple Labs, the Ripple crypto project enables users to
facilitate payments, cryptocurrency lending, and other financial
platforms. While Ripple enables worldwide payments, the XRP token
allows users to swap between cryptocurrencies. Related Reading
| Exchange Inflows Rock Bitcoin, Ethereum As Market Struggles
To Recover Notably, Ripple was established in 2012 by Chris Larsen
together with Jed McCaleb. Four years after then, the company
purchased BitLicense from New York State to increase the integrity
of its XRP token. However, following the global cryptocurrency
crackdown, Ripple dropped by over 21% and struggled within that
zone for a long time. Featured image from Pexels, chart from
TradingView.com
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