XRP’s bullish momentum appears to be fading, according to recent readings from the Elder-Ray Index on the daily chart. Over the past two sessions, the indicator has printed consecutive red bars, reflecting a clear shift in sentiment as buying pressure weakens.
The Elder-Ray Index evaluates the strength of bulls versus bears by measuring the difference between an asset’s price and its exponential moving average (EMA). A negative reading, like the one currently seen on XRP, means the asset is trading below its EMA — a sign that bearish pressure is outweighing bullish momentum. Traders may want to monitor closely for further downside confirmation.
The Elder-Ray Index evaluates the strength of bulls versus bears by measuring the difference between an asset’s price and its exponential moving average (EMA). A negative reading, like the one currently seen on XRP, means the asset is trading below its EMA — a sign that bearish pressure is outweighing bullish momentum. Traders may want to monitor closely for further downside confirmation.
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Full story here beincrypto.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.