The cryptocurrency continues moving sideways after being unable to break the resistance at $0.43295 the pair found strong support at the 61.8% Fibonacci retracement which has been tested twice in the last four trading sessions. The short and long-term moving averages are still above the price line.
The Bollinger bands are very narrow, strengthening the consolidation phase of the pair, it's likely that we will see the price move within this range for a few more sessions before having a resistance or support breakout. The pair trades in between the bands, suggesting that the price is at a relatively fair level.
The relative strength index is at 39% which will give XRP the ability to move in either direction within the constraints of the bands until we have a breakout. Our parabolic SAR indicator suggests that the price is likely to move upwards in the upcoming sessions.
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.
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.
