Crypto 259
06/09 07:48
Ripple’s XRP struggles to exceed the 50-day EMA wi
Ripple’s XRP struggles to exceed the 50-day EMA with a double bottom reversal, risks a pullback to $2.00.
XRP is down almost 2% at the time of writing on Monday, failing to overcome the dynamic resistance of the 50-day EMA. For nearly two weeks, XRP has remained trapped between the 200-day EMA and the 50-day EMA.
The consolidation range witnesses a failed double bottom reversal despite the 4% surge on Sunday. With the intraday fall, XRP retraces lower towards the 200-day EMA at $2.08, indicating another pullback in the coming days.
However, investors must pay close attention to the MACD indicator on the verge of triggering a buy signal as the blue line nears crossing the red line. Further up, the RSI at 48 bounces back towards the halfway line, indicating recovery in bullish momentum.
A potential daily close above the 50-day EMA at $2.25 could propel XRP to May’s highest closing at $2.58.
On the downside, a closing below $2.08 could extend the correction to $1.79 support, the lowest closing price in April.
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