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    Baxia Markets
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    June 06, 2022

    XRP continues its consolidation period.

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    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.

     

    XRP June 3rd 2022

     

    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. 

     

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