More

    Ripple (XRP) Price Analysis (February 9)

    Key Highlights

    • XRP/USD market consolidates below the $0.30 supply zone for about a couple of days.
    • The XRP price now experiences a pit stop between $0.30 and $0.20 lines.
    • Either a breakout or a reversal at $0.30 mark will signify a clear-cut move of the XRP market.

    Major supply zones: $0.35, $0.40, $0.45
    Major demand zones: $0.20, $0.15, $0.10

    Ripple (XRP) Price Analysis

    About December 18 last year, XRP has been on a relative increase against the market valuation of the US dollar. The crypto was previously trading a bit below the immediate demand zone at $0.20 point. After a long series of a slow upward-moving spree, it is now trading closer below the $0.30 price line. The market has been converging very closer to the point earlier mentioned over a couple of trading days.

    In the meantime, $0.25 price remains the wary point that the bears will have to breach southward to suggest a potential return of a decline move in this crypto trade. However, a reversal at that point could give way to an upswing above the $0.30 market value.

    Ripple Technical Indicators Reading

    The XRP market’s worth has been about some days ranging above its the 14-day and the 50-day SMAs since the smaller indicator crossed the bigger northward on Jan. 14 until now. Being as it is, the crypto may continue to trade in the form of range outlook between the market lines of $0.25 and $0.30 in the next sessions as long as volatile move occurs.

    A breakdown of the 14-day SMA may lead the crypto value toward approaching its previous low point around $0.20 mark. The Stochastic Oscillators are now consolidating around range 80. That denotes that the market is now facing a consolidation move. At this point, traders need to exercise some degree of patience.

    Conclusion

    The interception of the 50-day SMA indicator by the 14-day SMA northwardly indicates that the bulls have been in the control of the XRP market to a visible extent. But, currently, the market is in a consolidation moving outlook a bit below the. If the bulls fail to push past the $0.30 point, there will be a possibility that the crypto will trade at a low point of its bigger SMA indicator.

     

    Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Ben Jordan
    Ben Jordan
    Ben began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager - as well as an author.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,365FansLike
    2,781FollowersFollow
    4,135FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BTC Isn’t a Hedge Against Stock Market’s Poor Returns or Coronavirus But US Dollar & Inflation: BitGo CEO

    In 2020, Bitcoin has been following stock markets religiously, so much so that their correlation went to a new high. But now, the flagship...

    Netflix's ‘Tiger King' Villian, Carole Baskin at The Big Cat Rescue Accepts Crypto Donations

    With the Coronavirus (COVID-19) running rampant in the United States, Americans are drooling over the hot new docuseries on Netflix; “Tiger King: Murder, Mayhem...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.