If the price quickly reverses and climbs back above the 200-day SMA, it will indicate that the fall was a bear trap to scare off the weaker hands.
If the price drops below $150-$163.755 support zone, the decline can extend to $122.XRP/USDXRP has been trading close to $0.24508 for the past two days.
The bears' attempts to sink the price to new yearly lows have failed, which shows demand at lower levels.
If the bulls can push the price above the moving averages and $0.27795, a move to $0.34229 is possible.
We like the developing positive divergence on the RSI but will wait for the price to rise above the moving averages before suggesting a trade in it.
If bulls can push the price above $300, a rally to $360 will be on the cards.
If the bulls fail to push the price above $58 quickly, the bears will try to resume the downtrend once again.
A break below $49.3305 could drag the price to $30. With both moving averages sloping down and the RSI close to oversold territory, the advantage is clearly with the bears.
If bulls push the price above $107 and sustain it, the pair might extend its recovery to $150. We will wait for a new buy setup to form before suggesting a trade in it.
If the bulls can push the price above the moving averages and $0.072545, it will be the first indication that the downtrend might be over.
Price Analysis 27/09: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, LEO
Published on Sep 27, 2019
by Cointele | Published on Coinage
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