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XRP: Cooling Off: $0.50 before $0.57

XRP like the rest of the market fell by 5% as a result of the market cooling off. Nouvive sees a Short-term outlook of $0.50 before a bounce to $0.57.

Where is XRP going over the Week? 

Bullish Bias:

  • The bulls have positive momentum in their favour – especially considering there will be an increase of positive fundamental news in the next few weeks.
  • Increased buy-side support especially considering it is constantly breaking resistance levels.
  • RSI Stochastic is unable to cross-over despite being over-brought – it is believed by Nouvive Research that RSI Stochastic will not work in the next coming weeks.
  • It is believed that considering its positive momentum it will break the current resistance that is $0.53 – if that happens – $0.62 is next on the cards with $0.79 occurring thereafter.

Bearish Bias: 

  • The XRP run will be stopped at some point.
  • RSI Stochastic is illustrating over-brought
  • If it is unable to break through the $0.53 resistance level – this will show a double top and it will fall past $0.42.

Where is XRP going Today? 

  • Following the fall from the highs of $0.52 that presented itself on Monday – XRP is currently sitting upon the 15MA.
  • Just below this, we see the 0.618 Fibonacci line – a previous area for where a coin cools off before re-testing the upper resistance/
  • Accumulation has decreased over the past few days – this can coincide with a high amount of sell offs as a result of XRP dipping lower than 6%
  • There is a high level of sell-side volume – volume is high currently trading above the 90D Average – this indicates that we will see $0.50.

Nouvive sees $0.50 touching before shooting off to $0.57 on fundamental drivers that will be released over the next few day

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Whats Your Bias this Week?