Based on the available information, here is the technical analysis of XRP:
Main technical levels:
Current Support: XRP is currently trading near the support level at $2.15. A break of this level could lead to a further decline towards $1.88.
Nearby Resistance: If the price manages to bounce, the $2.36 level is an important resistance, as it is in line with the 50-day EMA.
Technical indicators:
Moving Averages: The 50-day moving average is showing a bearish slope, indicating ongoing selling pressure.
Relative Strength Index (RSI): The RSI is in a neutral zone, indicating that there is currently no overbought or oversold conditions.
Impactful news:
Launch of stablecoin (RLUSD): Ripple announced the launch of a new stablecoin backed by the US dollar, which sent the price of XRP up 11.5% to $2.64.
Regulatory Approval: Ripple has received approval from the New York State Department of Financial Services to issue its RLUSD stablecoin, boosting confidence in the project.
Future expectations:
Bullish scenario: If the price manages to hold above $2.15 and bounce towards $2.36, it could indicate a potential positive reversal.
Bearish scenario: If the $2.15 level is broken, the price may head towards $1.88 as the next bearish target.
Recommendations:
For investors: It is advisable to monitor the mentioned levels and make informed decisions based on price action and news developments.
For traders: Using stop loss orders below $2.15 may be appropriate for risk management.
Note: Technical analysis is based on current data and may change as the market evolves. It is always advisable to conduct your own research and consult a financial advisor before making any investment decisions.
