$XRP Currency Analysis on the hourly frame:
Supports♥:
1. 2.2457: Represents a close support due to the recent bounce from this level.
2. 2.2001: Considered a strong support as a clear bottom was formed at this level.
Resistances♥:
1. 2.3047: Represents a close resistance due to the price bounce from this level.
2. 2.3570 (MA 99): Represents an important resistance level where the long-term moving average meets the price.
Technical Analysis**♥:
Moving Averages:
The price is currently below MA(7) and MA(25) indicating a negative momentum in the short term.
MA(99) acts as a strong resistance in case the price rises.
MACD Indicator:
There is a negative crossover between DIF and DEA with bars below zero, indicating a possible continuation of the downtrend.
RSI:
At 42.92 it indicates that the market is not in overbought or oversold but close to oversold, which means a rebound is possible.
SAR:
The dots are above the price which reinforces the bearish outlook.
Recommendation♥♥:
If you want to buy, watch the support level at 2.2457. If it is broken, wait for the next support level at 2.2001.
If you want to sell, try selling at the resistance level of 2.3047 or 2.3570 while watching for any break of the resistances.
