- The price of XRP briefly tested $ 0.20 due to the resurgence of the crypto market.
- If this momentum is maintained, it could recover $ 0.25 and transform it into support based on the 3-day XRP / USD chart.
- However, the gains presented by all cryptocurrencies could still be vulnerable to the global effects of the Coronavirus.
The majority of seasoned cryptocurrency traders use the macro delays of any digital asset chart to determine the general trend without being distracted by the noise of lower delays. In the case of Bitcoin, the 3-day chart is widely used to determine which direction the BTC is heading. In this regard, the 3-day Bitcoin chart highlights the possibility for the BTC to recover $ 8,000 due to the halving of Bitcoin in a month. The hype surrounding the event could help the price of XRP regain psychological support by $ 0.25.
What the 3-day XRP / USDT chart tells us
At the macro level and on the 3-day chart, we collect the following information regarding the direction of the XRP price on the market.
- The 3-day MACD is about to cross bullish below the baseline.
- The volume of trade is in the green and has increased since the beginning of April.
- His MFI has not yet become high and is rated at 46.
- The price of XRP could continue to rise to a local peak around the same time as Bitcoin halved in May 2020.
- However, the price must contend with the 50-day moving average (white) as resistance to find a high above $ 0.25.
- In addition, any negative news regarding the war against COVID19 could also affect the cryptocurrency markets.
Finding valuable information on higher time frames such as 3 days and weeklies is a method used by traders wishing to note the general trend of the major cryptocurrencies. These longer lead times provide market information that can be vital in times like this with the effects of COVID19 on the global financial system. In the case of XRP, the coin has a bullish momentum that could peak at the same time as halving Bitcoin occurs. By then, XRP could just recover $ 0.25 psychological support.
(Courtesy image of KAL VISUALS on Unsplash.com.)
Warning: This article is not intended to provide financial advice. Any additional opinion here is purely that of the author and does not represent the opinion of Ethereum World News or any of its other writers. Please do your own research before investing in any of the many cryptocurrencies available. Thank you.