Baxia Markets
By
February 25, 2022

XRP is on a six-day losing streak

technical analysis top header -01

The cryptocurrency continues losing ground and the price tested the support level at $0.65811 on our 23.6% Fibonacci retracement. With fundamental factors affecting markets around the world, XRP fell all the way to $0.62184 but managed to recover ground and the breakout was not completed. The downward trend continues since February 10th and the pair could fall to the Fibonacci retracement once again in the upcoming sessions.

 

XRP Feb 24th 2022

 

The Bollinger bands are slightly shrinking which would likely not affect volatility a lot, the pair trades closer to the lower band, suggesting that the price is getting closer to being considered relatively low, the support level could stop the bleeding in upcoming sessions and we might see a recovery soon after.

 

The relative strength index is at 41% which will allow the pair to continue falling in the short term, once it gets closer to the oversold status we might see a recovery. Our parabolic SAR indicator suggests that the price will continue falling in the short term.

 

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