Weekly Assessment of Ripple (XRP) Technicals
Ripple's Choppy Trading: Skimming the Waves of XRP
Ripple (XRP) is serving up a bumpy ride for traders as it flounders in a choppy and weak phase. Got your attention? Let's dive into the deets.
Our resident analyst, Duo Nine, has his eyes locked on that crucial 2 bucksupport. If that goes, well, let's just say, the selling could get nasty! On the flip side, a balls-to-the-wall break above 2.30 big ones is what we're after to get this baby moving up.
The technical indicators, particularly good ol' MACD, ain't shouting "bullish" at the moment, so let's keep that in mind.
Where to Look in the Ripple Seas This Week
- Floodgates Open: Look out for 2 dollars and 1.60 dollars as potential lifeboats.
- Breaking through Waves: Resistance isn't just annoying, it can be a bitch to crack. Here's our lineup: 2.30 dollars, 2.60 dollars, and 3 dollars.
Buoys on the Sidelines
XRP has been stuck to that critical 2 dollar support like a barnacle in recent weeks. The price is dancing around 2.17 dollars with buyers staying clear and sellers popping up like jellyfish whenever the price tries to rise.
Dancing with the Resistance Again
Last Monday, we tried to surf above the 2.30 dollar resistance like a pro surfer on a monster wave, alas, we wiped out. Since then, the price has been riding back towards the 2 dollar support like a tough break. If the current situation doesn't change, it's pretty likely we'll see buyers coming out to play around 2 dollars.
Riding the MACD Wave
Our daily MACD indicator took a bearish turn, suggesting a lack of muscle in the bullish corner and the bears getting stronger. If the 2 dollar support breaks, we could be staring down the barrel of a short and medium-term downtrend.
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Eat. Sleep. Crypto. Repeat!
In the unpredictable Ripple (XRP) market, understanding the impact of technology like blockchain is crucial.*The 'block chain technology' drives the functioning of numerous cryptocurrencies, including Ripple, making its price movements more complex and a subject of interest for traders and analysts alike.
