- XRP, the third-largest cryptocurrency in the world with $14 billion in market cap and a staggering $2.8 billion in 24-hour trading volume.
- XRP encountered a 4.04% gain and has attained $ 0.313 at the time of writing this.
- The price of XRP recorded an upsurge of over 1.93% on Sunday and continued its surge.
XRP, the third-largest cryptocurrency in the world with $14 billion in market cap and a staggering $2.8 billion in 24-hour trading volume. Ripple’s XRP price has been performing well on the charts, since the last week of July. However, from the start of August, the XRP registered minor price correction. But XRP quickly reclaimed it’s previous gains as bitcoin inches closer to the $12,000 mark. XRP encountered a 4.04% gain and has attained $ 0.313 at the time of writing this. The trading volume of XRP has also increased tremendously since the start of August.
The cryptocurrency was trading sideways on the charts over the past week, however, the start of this week has brought some positive momentum for XRP followed by an uptick in XRP’s price which overcame all the recent losses of cryptocurrency. At the time of writing, XRP was noting YTD gains of over 60%.
XRP’s Parent company recently ranked at 123rd position in the #Inc5000 ladder among America’s fastest-growing private companies. Along with Bitcoin, XRP also appeared in a TV ad by Grayscale Investments which went on air last week, however, the ad attracted criticism from the crypto community.
XRP Price Analysis
The price of XRP recorded an upsurge of over 1.93% on Sunday and continued its surge. Further on Monday marked a 3.51% gain on the charts. XRP ended its day at Ripple’s XRP rallied by 3.51% on Monday. Following on from a 1.93% gain on Sunday, Ripple’s XRP ended the day at $0.3155.
On Tuesday, XRP started the day with a bearish start which saw it falling to the early morning intraday low $0.2973. The first major support for XRP found at $0.2962, in the late afternoon, XRP recorded intraday high near $0.3275. XRP bulls went the major support and resistance levels untested early on.
On the daily time frame, the daily candle at this moment looks bearish. XRP broke the bull flag pattern on the daily chart and is testing support after facing rejection from the long resistance trend line 42% to be made based on the pattern. The first target on the upside is $0.37 and above it $0.41. XRP bulls need to hold its position above 31.5 cents If breached it could fall into the next support which is 28.5 cents.
Looking at the weekly chart, 20-Moving Average is about to cross the 50-Moving Average on weekly. Xrp is trading above 100 and 200-Day MA. Additionally, the weekly RSI indicator is at 70 currently entering slowly into the overbought territory on the charts.
The technical indicators for XRP pointed to two scenarios for the crypto asset in the short term. The first scenario where XRP can break its resistance and second is when XRP failed to break resistance and drop below the support. The price breakout continued from second support ( weekly looks really good to support uptrend), here the green scenario likely to retest support and finally breakout from long term resistance.