Like the rest of the major cryptocurrencies, XRP also experienced a downtrend in recent days. The data shows that XRP’s price had fallen below the $0.62 per XRP figure, which did not stay for a longer period of time.
The bulls were not ready to let the bears run the show for a longer period of time or let them pull XRP’s price any further. As the price of XRP start falling, the bulls came into action in an attempt to turn the tables.
The bulls were able to rebound XRP off of the bearish value and push it over the $0.62 per XRP figure on the 24th of February. However, the bulls were not able to push XRP over the $0.70 per XRP price, due to a lot of pressure by the bears.
At the moment, the bulls and the bears are both focusing on creating rallies and plummets from their end. Although the competition is very productive for XRP, it may end up resulting in the withdrawal of many investors. This may end up causing a huge problem for the bulls as the withdrawal by the investors means they may start selling XRP, initiating a downtrend.
As of now, XRP is hovering around the $0.70 per XRP figure, which is the 50-day SMA for XRP. Currently, the trend for XRP has formed a Doji candlestick pattern, which is long-legged.
If the bears want to achieve a higher price in the upcoming days, their first attempt would be to push XRP over the moving averages. For now, the bulls may focus on achieving and then crossing the $0.78 per XRP figure.
Once XRP hits a particular price, the investors may increase their buying power to support the bullish trend. Their next attempt would be to push the XRP/USDT pair over the $0.87 per XRP figure. If the bulls cross the $0.87 per XRP figure, they would face strong resistance from the bears at $0.90 per XRP.
Here, the bulls have to attempt and compete against the bears with a lot of force. If the bears give up on the bullish efforts, then XRP may succeed in crossing the $0.95 price, and then hit the $1 mark.
Conversely, the bears may not let the bulls even leave the $0.75 per XRP zone and increase their selling force. This way, the bears may attempt to push XRP below the moving averages.
The data predicts that the bears may attempt to bring XRP below the $0.69 per XRP figure, and then below the $0.62 price. If the bulls pose no challenge or resistance to the bears, then they may attempt to push it below $0.55, the strong support for XRP.
