XRP Price Analysis: Is XRP Falling Into The Consolidation Phase?

  • XRP showed signs of positive movement in Tuesday’s session with an overall gain of 0.54% in the market. 
  • However, the crypto asset is still unable to cross the psychological resistance mark of $0.25 
  • It is also entrapped between the price range of $0.20 and $0.25 since the starting of the month. 
Source: Coinmarketcap

As the intraday pricing graph reflects, XRP is stuck between the range of $0.23 to $0.25 which is followed by a slight downturn in the range itself. The downtrend started from the price level of $0.247 while attempting to cross $0.25 and dropped to $0.240. It indicates that crossing the level of $0.25 won’t be an easy target for the coin. On the weekly chart also, the price levels are reflecting a strong consolidation phase. 

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Looking at the overall market conditions, XRP might take a negative dip again to the support level of $0.22 or $0.20. For crossing the resistance mark of $.250, XRP needs strong overall bullish sentiment in the market which is quite hard to expect from the market with comparison to the current global financial sentiments. It is no doubt that the correlation between global financial markets and crypto markets have increased due to the macroeconomics factors coming into the play. 

Xrp (XRP) Technical Analysis 

Source: TradeView

The technical chart reflects on the ongoing consolidation phase for XRp after a heavy downtrend in the levels. Currently, the price is sustaining on a 0.236 fib level which is around the support level of $0.230. A break below this price level can be a significant bearish signal for the investors. On the upper side, the crypto asset needs to break above the resistance mark of $0.250 for starting a price recovery momentum in the market. 

RSI levels have been sustaining in the graph after making recovery from the oversold region. At the same time, the level strongly needs an increase for introducing the bulls. The current level stands at 58.18. 

MACD levels are also in the neutral range with the expectation of a possible bullish crossover. The crossover can be a positive sign. 

Resistance level: $0.25 and $030 

Support level: $0.23 and $0.20  

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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