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    Baxia Markets
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    February 10, 2022

    XRP retraces after recovering almost 50%

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    The cryptocurrency had a seven-day winning streak that looks like it's about to end as it is down 4.3% in today's trading session. The pair managed to break the resistance at our 23.6%, 38.2% 50%, and 61.8% Fibonacci retracements. The price is now on a general uptrend at the moment, it could find support at the 0.83651 level at the 61.8% retracement or the 0.78140 level at the 50% retracement.

     

    The Bollinger bands are wide and volatility should be high in the upcoming sessions, the pair traded above the upper band, suggesting that the price is relatively high, which could drag the price down a bit in the short term, we might see the pair reach the 0.78140 soon as a retracement is very common on this conditions.

     

    XRP Feb 10th 2022

     

    The relative strength index is at 67% just recovering from an overbought status at 76%, the price would need to pull back a few points in order for the uptrend to continue in the medium term.

     

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