Baxia Markets
By
June 25, 2021

Ripple sinks to a new low since March.

technical analysis top header -01



The cryptocurrency continued its downtrend after it broke the 0.75527 support level just five trading sessions ago. The pair attempted to recover after the relative strength index entered an oversold status. It had two good trading sessions where it made more than 16%; however, the price resumed its downward trend, and the RSI is falling again, currently at 34%.

The Bollinger bands are opening up and pointing down, which signals that the downtrend is expected to continue, but the RSI might re-enter an oversold status in the short term, and that will likely bring the price up in the short term.

 

Ripple June 24th 2021


The pair trades close to the lower Bollinger Band, indicating that the price is considered relatively low; this could start driving the price up even before the RSI goes below 30%.

Our parabolic SAR indicator suggests that the downtrend will continue; the next support level is at $0.42397

 

We love to hear new ideas from traders and want to know what you think! 

 

If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

 

Open Live Account  

 

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

 

Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 

 

Subscribe by Email