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XRP/USDT UPDATE :-
Although the weekly candle closed in the green yesterday, the long upper shadow shows that the selling pressure near the horizontal resistance at $0.38 is relatively high. The bears pushed the price down by 10% as of this writing. The price has now touched the 50-day simple moving average line (in white). On the other hand, the Rate of Change (ROC) 30d indicator broke below the baseline (in yellow) and entered the negative territory.
Taking into account the last two downward trends (in blue), it is evident that deep declines are triggered when the price penetrates below the MA50, and at the same time, the ROC gains momentum below the baseline. Therefore, it is crucial that the price does not revisit below $0.33. If the bears dominate the market again, the support at $0.3 is expected to be retested.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
Thank you.
XRP/USDT UPDATE :-
Although the weekly candle closed in the green yesterday, the long upper shadow shows that the selling pressure near the horizontal resistance at $0.38 is relatively high. The bears pushed the price down by 10% as of this writing. The price has now touched the 50-day simple moving average line (in white). On the other hand, the Rate of Change (ROC) 30d indicator broke below the baseline (in yellow) and entered the negative territory.
Taking into account the last two downward trends (in blue), it is evident that deep declines are triggered when the price penetrates below the MA50, and at the same time, the ROC gains momentum below the baseline. Therefore, it is crucial that the price does not revisit below $0.33. If the bears dominate the market again, the support at $0.3 is expected to be retested.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
Thank you.
