Where to ($XRP ) 🤔
Simple technical analysis of Ripple $XRP
Support and resistance levels
Support 2.00
This is the lowest price the currency is expected to reach before it starts to rise again. That is, if the price drops to $2.00, this could be a bounce point for the price to rise again.
-Resistance 2.30
This is the highest price the currency is expected to reach before it starts to fall again. That means if the price reaches $2.30, we may find it difficult for it to continue rising and start to fall.
Technical indicators
-Relative Strength Index (RSI):
This is an indicator that measures whether a currency is overbought or oversold. If the indicator is above 70, it means that people bought a lot and the price may go down a bit. If it is below 30, it means that people sold a lot and the price may go up.
Moving averages
This is the average price of a currency over a certain period. Our 50-day moving average was around $2.10, and the 200-day moving average was around $0.48. When these averages are rising, it means that the overall price trend is up.
Japanese candles
- These candles show the price movement during a certain period. If the last candle covers the previous candle completely and is bullish, this means that the upward trend may continue. That is, if we see a large green candle covering a red candle, this is a good indicator that the price will continue rising.
High trading volume indicates strong investor interest, which supports the uptrend.
Volume measures the amount of currency that has been traded. When volume is high, it means there is a lot of interest from investors, which supports the uptrend. That is, if we see a large volume of trading with an increase in the price, this is a good indicator that the uptrend is strong.
Explanatory example
Imagine you are in a big market, and all the people are buying oranges. If all the people are buying oranges (high volume), and the price of oranges is increasing (uptrend), it means that oranges are in high demand. But if the price becomes very high (RSI above 70), people may start buying less and the price goes down again.
finally
Always follow the news and updates that may affect the market, such as government decisions or economic changes, because they may greatly affect price movement.
In the end, of course, this is not financial advice to buy or sell. It is just an analysis and opinion.
