Bulls Gearing Up For A Battle At The 200-days EMA – Where Will XRP End Up?

Ripple XRP
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Bulls Gearing Up For A Battle At The 200-days EMA – Where Will XRP End Up?

  • XRP fell by 3.5% over the past 24 hours of trading as the cryptocurrency finds support at $0.27.
  • The momentum now is firmly in the bearish trajectory as the RSI failed to break back above 50.

XRP saw a 3.5% price fall over the past 24 hours of trading, bringing the price for XRP beneath $0.28 as it reaches $0.272. This latest price decline is largely a result of Bitcoin failing to break the $10,000 level.

XRP has now set a new bearish trajectory and if it breaks beneath the 200-days EMA we can expect the bearish pressure to continue to drive the cryptocurrency toward $0.25.

XRP Price Analysis

XRP/USD – Daily CHART – SHORT TERM

cg-xrpusd-feb24
XRP/USD – DAILY – Source: TradingView

Market Overview

Since our last analysis, XRP attempted to climb higher from the support at $0.268, however, it was unable to get anywhere near the $0.29 level before it rolled over and started to fall. The latest price decline has pushed XRP back toward $0.268 as the buyers gear up for a battle at the 200-days EMA.

Short term prediction: NEUTRAL

XRP still trades in neutral trading conditions and would need to drop beneath the support at $0.253 (100-days EMA) before becoming in danger of turning bearish in the short term. 

The first level of support toward the downside, the first level of support lies at $0.268. This is then followed with more support at $0.264 which is the support provided by the 200-days EMA and further bolstered by the short term .618 Fibonacci Retracement level.

If the selling continues beneath the 200-days EMA, support can be found at $0.26, $0.253 (downside 1.414 Fib Extension & 100-days EMA), and $0.25.

On the other side, resistance lies at $0.28, $0.285, $0.29, and $0.30.

The RSI attempted to break back above the 50 level, however, it failed miserably and is pointing downward again. This confirms that the momentum is certainly within the seller’s favor. For any form of market recovery, we would need to see the RSI rising and breaking back above 50.

Key Levels

Support: $0.268, $0.264, $0.26, $0.25, $0.243.
Resistance: $0.28, $0.285, $0.29, $0.30, $0.308, $0.3177, $0.326, $0.377.

Summary
Bulls Gearing Up For A Battle At The 200-days EMA - Where Will XRP End Up?
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Bulls Gearing Up For A Battle At The 200-days EMA - Where Will XRP End Up?
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XRP fell by 3.5% over the past 24 hours of trading as the cryptocurrency finds support at $0.27. The momentum now is firmly in the bearish trajectory as the RSI failed to break back above 50.
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Author: Yaz Sheikh

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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Yaz Sheikh 119 Articles

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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