Over the last several days, the price of XRP, a cryptocurrency that investors keep a close eye on, has taken a dip. It is currently finding support at the 50-day Simple Moving Average (SMA), which is around 52.10 cents. Determining its short-term trajectory depends critically on this support level.
If #Xrp🔥🔥 breaks above the 200-day EMA shown in pic which is also at 55.70 cents, and surpasses its prior high of 55.70 cents, there will be a notable price rise. This movement would suggest a positive trend and might lead to more #BuyingOpportunity and pressure.
A long position can be considered by investors if XRP closes above the 200-day EMA. With 61 cents being the next resistance level, a stop loss should be placed below the 50-day EMA. Investors may think about shorting XRP with a stop loss right above the 200-day EMA to target lower price levels if the cryptocurrency cannot break above the 200-day #EMA.
