There is support for the price of XRP around $2, but for how much longer?
As of the time this article was written on Tuesday, the price of XRP was trading at $2.08, which is a price that is kind of a catch-22 โ๏ธ. Upward momentum has been halted at around $2.22, which is a barrier identified by the 100-day Exponential Moving Average (EMA) โ๐. Support at $2.00 is still intact โ , but the price has not moved over that level yet.
On the daily chart, the Relative Strength Index (RSI) indicator is located above a trendline that is descending ๐, which indicates that bullish optimism is still present ๐. On the other hand, it has not yet broken above the midline, which indicates that there is steadily rising pressure on the sell side โ ๏ธ.
A confirmation of the bullish grip would be shown by a break over the upper range limit at $2.22 ๐. This would encourage other traders to purchase XRP ๐ฐ and generate bullish momentum that would support a breakthrough toward $3.00 ๐.
If, on the other hand, support around $2.00 is broken โ, XRP may drop to retest the 200-day EMA at $1.96 ๐งช. After that, it may continue the leg down to the low of $1.62 that was reached on April 7 ๐ in an effort to seek liquidity before making another attempt at recovery ๐.
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