Gate News bot news focuses on the trading price of the payment-oriented crypto asset Ripple (XRP), which is at the lower end of the Ichimoku ( chart. The Ichimoku chart is a momentum index based on various moving average variants, created by a Japanese journalist in the 1960s.
The crossings above and below the cloud represent bullish and bearish momentum shifts.
When the price of an asset falls below the cloud chart, such as when Dogecoin’s price fell below the cloud chart earlier this month, it usually indicates a bearish trend. Traders typically interpret this as a signal to consider selling or shorting the asset, especially when other macro or technical indicators also confirm this signal.
The 50-day MA of XRP has fallen below the 200-day MA, confirming the so-called death cross, which is a bearish indicator. Therefore, a fall below the Ichimoku cloud may lead its price to drop below $2.
On the chart, the support level is directly at $1.60, which is the low from early April. Crypto Assets such as DOGE, ADA, and LINK have recently fallen below their respective Ichimoku cloud charts, resulting in a price drop.
Source: CoinDesk
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