Baxia Markets
April 15, 2022

XRP finds support close to the 61.8% Retracement

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The cryptocurrency could end the general downtrend after finding support at the $0.68125 price level. The pair started a downwards trend in late March and it has continued since then, the pair broke the 50% Fibonacci retracement which often indicates a trend reversal; however, XRP found support and temporarily stopped a further loss.


The Bollinger bands are wide, we expect volatility to be higher in the upcoming sessions, the pair trades closer to the lower band, suggesting that the price is relatively low which could incentivize investors to open long positions on the asset; but since the support has not been tested it could be broken once again.


XRP April 14th 2022


The relative strength index is at 37% which could allow the pair to fall back and test the support level, at that point we would be able to make a trading desicion. Our parabolic SAR indicator suggests that the price will continue falling in the short term. The moving averages have been left behind and are about to cross, strengthening the short signals.


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cryptocurrency, trading conditions, technical analysis, trading indicator

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