Ripple (XRP) performs worse than Bitcoin. If Ripple continues to fall, it may soon enter a suitable purchasing zone. As of now, bears seem to dominate over XRP / USD.
While Bitcoin (BTC) is expected to make a break above $ 10,000, it fell to $ 9,500 with a scary correction. Since most altcoins follow BTC, they have been subjected to the same coup. For Ripple, the situation is a bit more serious.
Ripple fell 4.75%, while BTC fell about 3%. However, this decline forced XRP / USD to gradually enter a positive investment area, and XRP recovered its losses to a great extent as it looked more attractive to investors as an investment opportunity.
Techniques Point to Downward Trend for XRP
- Although occasionally showing signs of a bull, Ripple has been in the bearish zone for a while.
- Ripple dropped to the $ 0.20142 level, just below the 20-period Exponential Moving Average. This region acts as a tough resistance.
- If it breaks this level, XRP will find a good support level at $ 0.19802.
Trading Strategies for XRP
XRP is trading at $ 0.2019 at the time of writing. Investors can get the chance to enter the ‘short’ position in XRP. If Ripple starts to rebound from the 20-term EMA and starts to fall, this will be the entry point of the trade. Therefore, the entry may be around $ 0.202, and $ 0.199 and $ 0.19802 as targets seem attractive.
Investors should also follow Bitcoin closely. As it is known, a sudden increase in BTC prices raises XRP / USD even more.
Is It Possible To Rise For Ripple (XRP) In The Short Term?
Ripple tends to exhibit sudden bursts of momentum. If the Bollinger Bands manage to ascend and reach the upper spectrum, there may be an ascension phase.
If Ripple exceeds the $ 0.206 mark with increasing volumes, it will approach the $ 0.22 mark. However, in the current scenario, this seems less likely.