Ripple (XRP) – Sustaining a bearish tone below the simple moving averagesPosted on Thursday, April 7 2022 at 9:14 pm GMT+0000
Ripple (XRP) failed to stretch march headways beyond the February 9th high of 0.917 and dropped decisively beneath the simple moving averages.
Despite today’s push for some recovery, the technical picture is still blurry below the aforementioned tough resistance. Something also endorsed by the recent negative intersection between the 10- and 20-day simple moving averages.
Moreover, signals from momentum indicators are also discouraging. The Awesome Oscillator continues to lose ground and is currently flirting with the zero mark, while the TSI, is sinking below its trigger line, both promoting further weakness.
So as the thing stands, the price may seek support initially around the March 4th low at 0.695. If this handle proves easy to penetrate, fresh bearish limitations could transpire from the February 24th bottom at 0.622. However, if bearish forces continue to overwhelm, the next pause could take place around the January 22nd low of 0.546.
However, should any improvement in market sentiments propel the price higher, initial constraints could stem from the 10-and 20-day simple moving averages at the 0.821 – 0.829 region. Overcoming these lines, the next deterrence could occur at the 0.912 – 0.917 barrier. Successfully surpassing this too, the December 23rd high at 1.020 could come under fire.
All in all, Ripple is sustaining a bearish tone below the simple moving averages, and a slump below 0.695 could further feed negative tendencies.