Ripple price has remained below the psychological level of $1.0000, which is crucial in defining a trend reversal. Notably, the crypto market has been subject to risk aversion since last week. the crypto fear & greed index, which tracks the emotions driving the market, is at a fear level of 29. Granted, this is an improvement from Wednesday’s reading of 28.
XRP has erased some of the gains it made in the previous session. On Wednesday, the altcoin rose to an intraday high of 0.8880. However, it has since pulled back to the current 0.8524. Notably, it has remained within a horizontal channel since the weekend after it plummeted to 0.5757; its lowest level since late July.
On a four-hour chart, Ripple price is trading along the 25-day EMA and slightly below the 50-day EMA. Besides, it is still below the long term 200-day EMA.
Based on both the fundamentals and technicals, the crypto will likely remain under pressure in the short term. To reverse the trend, there will need to be enough buyers to thrust it above the 200-day EMA at the psychological level of 1.0000.
In the meantime, the range between 0.7509 and 0.8880 will be a crucial one for Ripple price. Above the horizontal channel’s upper border, the altcoin will likely experience resistance at 0.9643. On the flip side, a move below the lower border will give the bears an opportunity to retest the weekend’s low at 0.5757.
This post was last modified on %s = human-readable time difference 05:28