🚨🚨$XRP Price Analysis: Should You Buy or Sell?
SELLING pressure for few days!!
The daily chart of XRP/USDT displays a recent pullback after a strong upward rally, with the current price at $2.2071 (-4.50%). Let’s break down the short-term and long-term perspectives:
Short-Term Analysis
1. Moving Averages:
The 7-day MA ($2.3322) is above the current price, indicating bearish pressure in the short term.
The 25-day MA ($2.3189) is also above the price, confirming this bearish sentiment.
2. Recent Price Action:
XRP has dropped from its recent high of $2.9092, signaling a loss of momentum.
The downward crossing of the 7-day MA below the 25-day MA could signal a potential short-term downtrend.
Recommendation: Sell/Short in the short term, as the current trend appears bearish. However, monitor the support at $2.1 and $1.9 for potential rebounds.
---
Long-Term Analysis
1. Bullish Long-Term Momentum:
The 99-day MA ($1.0952) remains far below the current price, reflecting the overall bullish trend.
Higher lows on the chart support the long-term uptrend.
2. Consolidation Phase:
XRP might be entering a consolidation phase after its significant rally.
Once the price stabilizes and moves above the 7-day and 25-day MAs, the long-term trend is likely to continue upward.
Recommendation: Buy/Hold for the long term. A pullback provides a potential buying opportunity, particularly if XRP holds above key support levels like $2.1 or $1.9.
---
Key Levels to Watch
Resistance: $2.33, $2.50, $2.90
Support: $2.10, $1.90, $1.57
Final Thoughts: While XRP may experience short-term selling pressure, the overall long-term trend remains bullish. Traders should remain cautious in the short term and consider accumulating during dips for long-term gains. Always manage your risk wisely.
