The global cryptocurrency market had the opportunity to recover a little after the correction period. However, some altcoins are struggling with selling pressure. In this regard, XRP managed to escape the selling pressure and reached $0.659 at the time of writing. We examine financial expert Saif Naqvi’s analysis on Ripple price…
Analyst examines daily candles for Ripple price
XRP, which managed to hold above $ 0.633 from the recent declines, is stuck inside a symmetrical triangle. While the analyst thinks that it is possible to move directly in both directions from this region, he states that the previous formation is pro-bear. At the same time, it is possible for the market to change the trend direction, according to the analyst. In both cases, the analyst adds that there will be tough times for the bulls, emphasizing that the daily 20-SMA (red) and 200-SMA (green) are not yet bullish.
In the continuation of his analysis, Naqvi states that XRP is struggling with low volatility movements, and states that with the return of the buyers, a 50% Fibonacci extension level ($0.71) and a close above the 200-SMA will trigger a breakout from the pattern. At the same time, this series of moves is up 61% of XRP according to the analyst. It could push towards the 8 Fibonacci level ($0.775).
On the other hand, XRP’s 50-SMA (yellow) and 78%. Predicting that it can rise as high as 6 Fibonacci ($0.85), the analyst adds that this scenario will represent 25% gains from the upper trend line of the triangle. At the same time, given the recent selling pressure, a bearish trend cannot be ignored. In a red-coloured chart, the key support area for the analyst is the $0.60 zone, located at the 23.6% Fibonacci level. The analyst adds the following results to these predictions…
Analyst comments on Ripple with indicators
According to Awesome Oscillator, bullish momentum is accumulating for an upside break, emphasizing that the Aroon rise has even crossed below the Aroon, signaling that market apes are shifting towards buyers. However, according to the analyst, the bearish bias is still active and -DI is holding above +DI, but the two lines tend to converge at the time of writing.
Finally, stating that the XRP market may move slightly below the 200-SMA before the waves rise, the analyst states that although there is no clear sign of an uptrend yet, the buyers are making progress. In the analyst’s best-case scenario, XRP could reach $0.885. But if a week with bears is behind the wheel, we could see XRP pull towards $0.60.
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