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    Baxia Markets
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    May 28, 2021

    Ripple Targets Resistance @ 1.0089

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    Ripple has been on a downtrend since May 19th. The cryptocurrency is currently down 39.53% from its high of $1.9538. Ripple has made a small recovery in the last few sessions after reaching a low of 0.6494. There is now an attempt to complete a breakout at $1.0089, which could be possible in the short term as the relative strength index is at 42% giving the pair enough room for a temporary rally.

     

    The Bollinger bands are wide and high volatility can be expected especially when it comes to cryptocurrency. If Ripple is unable to complete the breakout we would likely see the price drop to the support level at $0.7926. 

     

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    Our technical indicators suggest that a downtrend is likely to continue, the moving averages spread is getting wider and the Bollinger bands are opening and pointing down which is often a good indicator of a downtrend. This is strengthened by our parabolic SAR which suggests a downtrend would continue.

     

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    forex, cryptocurrency, trading conditions, technical analysis

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