Home Business XRP/USD Continues in Favour of the Bears (Price Analysis)

XRP/USD Continues in Favour of the Bears (Price Analysis)

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PUBLISHED:
 06 May 2022 @ 19:20
 
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The price of XRPUSD has had several attempts to change direction to favour the bulls in April,  but the movement was short-lived.

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XRPUSD_2022-05-05_21-29-05

The Fibonacci retracement was measured at 0.65006 and the SMA at 0.6142, it seems like the price action is beginning to move below the SMA curve as it can be observed from the daily chart and the 4-hour chart. This indicates that the market is still on its downtrend.

 

The RSI confirms the strength of the trend as its curve is performing below 50% (precisely 34.76%)

The 4 – hour chart

XRPUSD_2022-05-05_21-59-33

In the 4 – hour chart, XRPUSD as well failed to break the resistance of 0.65951

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