Hot CPI data prints have given hope to the immediate recovery of XRP (XRP) as Altcoin continues to trade between $ 2.50 to $ 2.30. The encryption assets have fallen to less than $ 2.40, and one analyst emphasizes that the situation of Altcoin can deteriorate if the core level is lost at $ 2.20.
4 -hour chart of XRP. Source: COINTELEGRAPH/TradingView
The XRP EMA band indicates a potential weak reversal.
DOM, an XRP Markets analyst, emphasized the trend of the EMA (E) EMA (E) EMA (E) band, which historically short -term weak movements or potentially caused the highest market in the previous bull market.
DOM’s XRP EMA band analysis. Source: x.com
As you can see in the daily chart, whenever the price of XRP is finished in the 50 -day and 100 -day EMA band, Altcoin has witnessed at least 30%modification and short -term bear market. Between 2017 and 2021, the XRP price was a strong bear signal with an EMA band of less than 50-100 days.
If the XRP closes the candle every day to a level of $ 2.20 daily, it can be lowered from $ 1.50 to $ 1.60 in the next few weeks.
But analysts added that Altcoin continued to inflow in the spotlight of Coinbase, BitStamp and Bitfinex Traders. The downside is that since February 7, Binance Traders has not yet moved. DOM said.
“When Binance Spot Market starts bidding, $ XRP goes up is very good for the XRP price to run the show regarding the $ XRP price movement.”
Related: XRP futures 37% -Altcoin trader surpasses ships?
XRP liquidity remains more than $ 2.50
The XRP has been integrated sideways from February 7, and the overall trend has moved towards the weak direction. However, Altcoin remains in the land of a person until the price is over $ 2.50 or less than $ 2.30.
XRP 1 hour chart. Source: COINTELEGRAPH/TradingView
Currently, liquidity remains in both XRP’s demand and supply area. This means that this level will potentially indicate the movement of XRP. The best scenario of XRP is to test the price of $ 2.32, with the price of XRP, with triples three times over the last week.
If CPI data is higher than expected, inflation pressure is still concerned. Therefore, the Federal Reserve will not soon cut interest rates. Since June 2024, the highest CPI data will also maintain investors in the “dangerous” environment as the group encryption market is struggling to break the pressure of weakness.
Related: Bitcoin Price is watching $ 94K deep from CPI overshoot to Crypto retreat.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.