What to know:
- XRP, that cheeky little rascal, shot up 25% to $3 after Trump’s grand announcement of a strategic reserve, only to retreat like a shy turtle to $2.6, tracing back to a descending trendline from January highs. 🐢
- Technical indicators are waving a white flag—RSI plummeted from a dizzying 70 to a more modest 48, MACD decided to turn bearish below zero, and prices are lounging below the 50-hour SMA ($2.65) but still above the 200-hour SMA ($2.50).
Ah, XRP is taking a well-deserved breather, just a day after Donald Trump decided to play crypto Santa, announcing plans for a strategic token reserve alongside the likes of bitcoin (BTC), ether (ETH), cardano (ADA), and solana (SOL). 🎅💸
This payments-focused cryptocurrency had a wild party, rallying 25% within hours of Trump’s Truth Social post, reaching the dizzy heights of $3, but alas, it has since pulled back to $2.6 at press time. Prices are now back at the descending trendline from those glorious January 16 highs. 🎉
Among the technical indicators, the relative strength index (RSI), that trusty measure of price speed, soared to 70 late Sunday, only to tumble back to 48 from those overbought readings, hinting at a possible comeback. 🏃♂️💨
However, prices are still below the 50-hour SMA ($2.65), waving a little flag of weakness, while the broader 200-hour SMA ($2.50) stands firm like a loyal guard. 🏰
The Moving Average Convergence Divergence hourly chart is showing some drama—its line crossed below the signal at $3 (now below zero), confirming a bearish turn after the party. 🎭
Key levels
The 20-hour Bollinger Bands, those trusty price range indicators, show $2.9 as the upper limit and $2.4 as the lower, with prices at $2.6 in the middle, indicating a lull in volatility after the earlier spike. 📉
The rally to $3 seems to have exhausted buying pressure, with RSI at 70 and a MACD crossover, paving the way for a pullback. The breach of the 50-hour SMA reflects short-term bearish control, but the 200-hour SMA at $2.5 is the critical support holding the fort. 🏰
Current price ($2.62) is at a pivotal moment: a break below $2.50 risks further declines, while a move above $2.65 could target the $3 level and beyond. Momentum seems to favor the bears in the short term, and speculators might want to keep an eye on volume and a decisive move for further positioning. 🐻📊
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2025-03-03 14:35