XRP price has experienced some major selling over the past six trading days. Sellers have promptly sold off Ripple upon hitting the $1 level, pushing XRP lower by as much as 20%. However, the bearish price action has developed into a powerful buying opportunity.
Bitcoin (BTC) was on the back foot yesterday as cryptocurrencies came under pressure from profit-taking as the Christmas rally ended. BTC bulls refrained from making new highs and had to look below $50,000 for some support. As the price action opened below the 200-day Simple Moving Average (SMA), expect bears to seize the opportunity for another leg lower towards $44,088.
Dogecoin (DOGE) got caught on the wrong side of the fence yesterday with a nosedive correction of 10% that tested the red descending trend line from August 16. With that test, the bulls jumped in to use the bounce-off as an entry point which sees a higher opening today. If bulls play this right and more investors already join the price action, expect a possible bullish rally towards the 55-day Simple Moving Average (SMA), holding 20% of gains.
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