Ripple Price Analysis: XRP flirts with the 55 daily EMA once again
- XRP/USD trades half a percent lower on Tuesday as general crypto sentiment remains weak.
- The 0.18 psychological level could be in focus once again if the EMA breaks.
XRP/USD daily chart
XRP/USD has moved lower on Tuesday and the price is now testing the 55 exponential moving average (EMA) once again. Historically looking at the chart, the 55 EMA has been respected on a few occasions.
If the daily candle does closer lower on the session then the 0.18 support zone could be retested again. During December the market hit the aforementioned support level and the price moved higher with dramatic effect.
Between current levels and the 0.18 support zone, the 200 simple moving average could also provide some support so keep an eye there. Lastly, the two back trendlines on the chart could also provide some clarity. If the trendline on the downside does get taken out then it would be another sign that lower levels are on the cards.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
