Krypto currency market bulls are said to have gained a more solid ground after the decision made by the Federal Reserve on Wednesday, September 20. In addition, the popular altcoin Ripple (XRP) retreated from $0.52 and fought hard to keep its recent gains above $0.50.
Bitcoin Movement Can Affect Ripple!
According to analysts, considering that there is no significant event in the short term, ignoring further losses of BTC may not be possible. Additionally, XRP may experience more losses, which can provide extra market advantage for the bears. The price movement in Ripple was above the short-term trend at the time of writing, as demonstrated by the 50-EMA (exponential moving average), which serves as an important support. Since September 11, Ripple has recovered up to +10%, based on the lowest level of $0.4950 and the highest level of $0.5254.
However, a comprehensive return of BTC can complicate things for XRP bulls. In a possible scenario, XRP may violate the 50-EMA and loosen the weekly uptrend block between $0.4575 and $0.4935 US dollars.
Nevertheless, if XRP bulls can reclaim the immediate resistance level of $0.5130, they can exhibit an upward movement. Even if the situation is not in this way, they may have to deal with the obstacles of $0.549 and $0.597 dollars for a strong future in the cryptocurrency.
Technical Data in Ripple!
On the other hand, RSI and CMF retreated but led to a sideways movement a few hours ago. This indicates a decrease in buying pressure and capital inflows, and the following stagnation. Additionally, if the trend continues, a narrow consolidation may occur below $0.5130. According to Coinglass’ liquidation data, XRP recorded an increasing liquidation of long positions starting from September 21. This may strengthen the possible short-term downward trend towards the weekend.
Furthermore, the data on futures market volume and open interest rates are in negative territory at the current position. This development further strengthens the downward trend. Therefore, if the return of BTC falls below $26,400, additional losses for XRP may not be ignored until the weekend.