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Analyst Details Why XRP Price Could Rebound Above $2.5 After Market Dip
The post Analyst Details Why XRP Price Could Rebound Above $2.5 After Market Dip appeared on BitcoinEthereumNews.com. The cryptocurrency market has been under pressure after the Federal Reserve announced a 0.25% cut to interest rates. XRP, one of the most popular digital currencies, lost 18% of its price and fell from $2.7 to $2.2. This crypto market crash was simultaneous to the test of Bitcoin prices which were trading at $108,000 and dropped to $100,000 causing participants to sell other altcoins as well. Despite the bearish trend, EGRAG and other market analysts believe that XRP is building a potential double-bottom pattern in the bearish market. This structure may open the way for XRP price to move back above the $2.5 level. That is, if other technical parameters are satisfied. Double-Bottom Structure Could Signal a Reversal According to EGRAG’s latest analysis on a 1-hour chart, XRP has managed to find support at $2.17-$2.27 after the recent drop. This zone has emerged as the key level to watch for the short term direction of the asset. – Advertisement – The price of XRP is depicted trading lower than the 21-period Exponential Moving Average (EMA) at $2.39. In addition, 2.39 is a key-resistance level for the cryptocurrency. The structure of the double bottom is the area of interest for EGRAG’s analysis. The first bottom was on December 16 when XRP hit a low of $2.33 before climbing back to $2.7. The second bottom was set up when the price dropped to $2.17 in the recent past. If this support holds, XRP could range trade within the said congestion area before testing the breakout above $2.7 neckline resistance to confirm bullish reversal pattern. Source: X Indicators Show Potential Bullish Momentum In addition, the Moving Average Convergence Divergence (MACD) on the 4-hour chart shows signs of bullish momentum emerging. Histogram bars are now less in the negative zone and are showing signs…
The post Analyst Details Why XRP Price Could Rebound Above $2.5 After Market Dip appeared on BitcoinEthereumNews.com.
The cryptocurrency market has been under pressure after the Federal Reserve announced a 0.25% cut to interest rates. XRP, one of the most popular digital currencies, lost 18% of its price and fell from $2.7 to $2.2. This crypto market crash was simultaneous to the test of Bitcoin prices which were trading at $108,000 and dropped to $100,000 causing participants to sell other altcoins as well. Despite the bearish trend, EGRAG and other market analysts believe that XRP is building a potential double-bottom pattern in the bearish market. This structure may open the way for XRP price to move back above the $2.5 level. That is, if other technical parameters are satisfied. Double-Bottom Structure Could Signal a Reversal According to EGRAG’s latest analysis on a 1-hour chart, XRP has managed to find support at $2.17-$2.27 after the recent drop. This zone has emerged as the key level to watch for the short term direction of the asset. – Advertisement – The price of XRP is depicted trading lower than the 21-period Exponential Moving Average (EMA) at $2.39. In addition, 2.39 is a key-resistance level for the cryptocurrency. The structure of the double bottom is the area of interest for EGRAG’s analysis. The first bottom was on December 16 when XRP hit a low of $2.33 before climbing back to $2.7. The second bottom was set up when the price dropped to $2.17 in the recent past. If this support holds, XRP could range trade within the said congestion area before testing the breakout above $2.7 neckline resistance to confirm bullish reversal pattern. Source: X Indicators Show Potential Bullish Momentum In addition, the Moving Average Convergence Divergence (MACD) on the 4-hour chart shows signs of bullish momentum emerging. Histogram bars are now less in the negative zone and are showing signs…
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