During the month, Ripple (XRP) has grown by 15.4%, but over the past four days has decreased by 8.6% due to the growing pressure of sellers. We figure out what is happening with the token and where the price will go.
From a technical point of view, RSI indicates stabilization, but the red cloud of Ishimoku and the weakening of the EMA structure indicate that the restoration is delayed. For the XRP, a turning point has come, which will determine its further direction.
RSI returned to the neutral zone
The relative force (RSI) index for XRP rose from 35.18 to 47.52 per day. Six days ago, the index reached peak values at the level of 74.22. These fluctuations reflect a change in the impulse after a period of severe sales pressure. Although the RSI is still lower than the neutral level, the upward movement may indicate the early signs of a short -term rally after recent losses.
Recently, the US judge Analysses Torres rejected a joint request for settlement from SEC and Ripple, calling him procedurally wrong. This means that the initial fines and prohibitions remain in force. The trial in the XRP case continues, and now both parties need to either correctly submit the documents again, or resume the appeal process, which may affect the price in the coming weeks.
Earlier it became known that whales bring XRP to exchanges.
Ripple (XRP) collided with a red cloud
XRP tests the blue line of Tencan-to-the clouds of Ishimoku, which ahead acquired red color for the first time in a few days. The current candle tries to close above the Tencan-STs line, but the resistance is too large on the approach to the lower border of the cloud.
The narrowing of the gap between the red line of Kijun-Sen and the price line enhances the short-term stress. Bulls must act decisively so as not to lose the gained impulse. A change in the color of the cloud indicates that the ascending impulse can be limited, even if the XRP manages to enter the cloud. In case of rejection, the path of least resistance can shift down, opening the possibility for a new correction.
EMA forms the “Cross of Death”
EMA for XRP indicate potential difficulties. The “Cross of Death” – the intersection by short -term EMA long -term from below – has almost formed, creating the prerequisites for further decline.
The price of the XRP is now ranging from the key resistance zone in the area of $ 2.40, where the short -term EMA converges. A confident breakthrough above this area will cancel the bear scenario and open the way to $ 2.65. If the XRP cannot overcome the current resistance, it is possible to fall to support by $ 2.32. With a breakdown, the price can fall to $ 2.15 and $ 2.07.
Be in the know! Subscribe to Telegram.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
