Baxia Markets
March 03, 2022

XRP retraces after breakout attempt.

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The cryptocurrency managed to break the resistance on the 50% Fibonacci retracement at $0.78140 but fell below before the session ended, the pair has made four breakout attempts in the last six trading sessions. 


The Bollinger bands are relatively narrow but steady, volatility should continue to be mild in the upcoming sessions, the pair trades in between the bands, suggesting that the price is at a fair level, it's currently trading inside the Ichimoku cloud which can be seen as market uncertainty.


XRP March 3rd 2022


The relative strength index is at 49% which will allow the pair to move in either direction in the short to mid-term, the price could find support at 0.73 and attempt another breakout, our Parabolic SAR indicator suggest that the price will continue to fall in the short term, the mixed signals would not allow us to make a prediction, we want to wait until the trend is a bit more defined in order to place a trade.


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