Ripple (XRP) Price Analysis (February 28)
- XRP/USD market has been somewhat losing in an upside correction lately achieved.
- A couple of hurdles seem to be around XRP/USD mid-value at $0.25 territory.
- A point at $0.26 mark will be instrumental in deciding a sustainable bullish ride of the XRP/USD afterward.
Ripple (XRP) Price Analysis
• Major distribution territories: $0.28, $0.30, $0.32
• Major accumulation territories: $0.20, $0.18, $0.16
XRP has been relatively down sliding in an upside correction lately achieved from a low value at $0.22 or thereabout as paired with the US dollar. The crypto had earlier struggled to average a mid-point of between $0.26 and $0.24 territories.
The US dollar now appears to exert slight pressures on the crypto’s price to trade in a range moving formation around the $0.24 mark. The pair stands a risk of pushing down towards the $0.22 and possibly $0.20 in extension.
Ripple Technical Indicators Reading
There is a notable space between the SMA trading indicators as price hovers alongside with the smaller SMA trend-line to the south. The 50-day SMA is over the 14-day SMA. And, with all these indications, it means the bears’ pressure is yet to be exhausted. The Stochastic Oscillators, lately, moved upward from the oversold region to close the hairs a bit above range 40. They now point to the east direction to probably suggest near consolidation movements of the XRP/USD market.
It seems that there are some critical hurdles around the XRP/USD mid-value at $0.25 spot, which prevented the currency pair from starting another round of upside correction up to a high point at $0.26 territory. That point has indicated by the bigger SMA trend-line signals that it is a key point in deciding any eventually sustainable uprise of the XRP/USD trade. On the contrary, rejection at the $0.26 value could cause a fresh price decline.
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