Manoj B Rawal
Independent Analyst
- XRP retraces from strong resistance, 200 DMA and EMAs.
- Enough support in the form of 21, 50 and 100 MAs.
XRP, whose payment solutions company Ripple that plans to streamline and revolutionise the global cross border payments, has found itself staring at a stiff resistance of long term moving averages, crossing of which is a must if XRP has to move northward in a bull market.
XRP/USD is up more than 2 percent on day at $0.3334, retracing from its day's high gradually. On the daily chart of this ambitious third largest crypto, it has clawed back its gains after hitting high of $0.380 last week, exactly where XRP's 200 Days Moving Average is placed and slightly above 200 days EMA too.
While these two big moving averages are a must to sustain a bull market rally, there is enough cluster of supports placed in the form of shorter term moving averages - 21, 50, 100 DMAs, in the range of $0.32 to $0.3305. These should be enough to breathe some life and energy into the exhausted and lost bulls.
XRP/USD daily chart:
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