Baxia Markets
February 22, 2024

XRP Weak Bullish Momentum Amidst Bearish Trend

market analysis header image

XRP/USD currently trades below the value area of the volume profile, signaling a bearish market sentiment. The crossover of EMA 50 and 200 into a death cross further reinforces the bearish outlook.


Two bearish engulfing candlestick patterns at the peak of a recent sideways movement resemble a double top formation, adding to the bearish pressure. Additionally, while prices briefly traded on the upper side of the Bollinger Bands, they failed to breach the upper band as it formed bearish engulfing candlestick, indicating weak bullish momentum. Now, with prices trading below the lower band, bears seem to have seized control of the market.

XRP Weak Bullish Momentum Amidst Bearish Trend

Oscillator indicators corroborate the bearish trend, with the MACD signal line residing below the 0 line and the RSI struggling to surpass the 60% level.


In summary, XRP/USD faces significant bearish pressure across multiple indicators, suggesting a challenging environment for bulls. Traders should exercise caution and closely monitor key support levels amidst the prevailing market conditions.


Key Takeaways:

  1. XRP/USD trades below volume profile value area, signaling bearish sentiment.
  2. Death cross formation on EMA 50 and 200 confirms bearish outlook.
  3. Bearish engulfing candlestick patterns resemble a double top formation.
  4. Failure to breach upper Bollinger Band indicates weak bullish momentum.
  5. Oscillator indicators, including MACD and RSI, point to sustained bearish trend.

Key Economic Releases to Watch Today

GBP, S&P Global/CIPS UK Manufacturing PMI 

Forecast 47.5 vs Previous 47.0

EUR, CPI (YoY) (Jan)

Forecast 2.8% vs Previous 2.9%

USD, Initial Jobless Claims 

Forecast 217K vs Previous 212K

USD, Existing Home Sales 

Forecast 3.96M vs Previous 3.78M




News Article CTA - Trading with Baxia Markets 2024

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