Traders plan to short with fury as XRP reaches 200-day MA at about $0.21

Since June 11, after XRP traded above $ 0.2, the bears took control and plunged its price to as low as $0.17. This stagnation, despite the expansion efforts from Ripple, especially in Brazil and throughout Latin America, in the past, has helped to boost confidence in XRP.

However, XRP had witnessed a notable price increase today, which occurred when altcoins began showing some signs of immense strength.

It seems coins that are leading the market, now including Cardano, Chainlink, and Dogecoin, have created a breeze for altcoins to rally higher.

XRP is currently approaching some horizontal resistance at around $ 0.20, but its uptrend seems strong enough to break this level.

$ 0.2 has proven to be an important level in the past, and whether it can overcome it in the coming hours will give insights into its power.

It is important to note that this recent breakout has allowed XRP to break out of the 50-day MA for the first time since April in the BTC trading pair.

This is very important and may suggest further imminent price increases for cryptocurrencies – especially against Bitcoin.

Trader “Big Cheds” talked about this in a recent tweet:

Traders plan to short XRP with fury

Although the overwhelming strength that XRP is currently showing, its uptrend could prove to be short-term.

The same trader says he is planning to short XRP as it reaches the 200-day MA on its USD trading pair. This is currently at about $ 0.21.

You can check the XRP price here.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like