XRP (XRP) Analysis: XRP Price Levels Forming Consolidation Range

After facing a significant downtrend due to negative fundamentals, XRP price levels are looking for consolidation
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  • XRP price levels faced a negative breakout below the crucial mark of $0.30 providing a bearish signal for the current market session
  • XRP/BTC also turned negative with a loss of -0.60% bringing the current level to 0.000007727 BTC
Source: Coinmarketcap

The weekly price performance chart of XRP highlights the significant bearish retracement faced resulting in a negative breakout below $0.30 at regular intervals. From the past couple of trading sessions, XRP price is unable to sustain above the crucial mark of $0.30 reflecting on the weak sentiments prevailing for the crypto asset. The CMP is placed at $0.2956 with an overall loss of -0.51% bringing the market capitalization to $13,425,819,307 resulting in a minor decline of 0.80%

Technical Levels Remains Flat For XRP Price

Source: Tradingview

The technical chart highlights the significant negative divergence faced by XRP price levels which was later countered by the critical support level of 0.18. The crypto asset had a bullish bounce back with a positive breakout above 0.236fib level. However, the levels are still facing major resistance placed at 0.382fib level, therefore, forming a consolidation range between 0.236 to 0.382fib level. 

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The relative strength index (RSI) levels have also consolidated while standing at 58.40. The levels had two successful attempts towards the overbought region indicating there is some buying potential left for the coin. 

However, On-Balance Volume (OBV) levels remain flat showing no signs of significant change in the volume. 

The Schaff Trend Cycle (STC) has generated a selling signal for the coin during the current market session due to the negative breakout below the crucial mark of $0.30

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Resistance Level: $0.35

Support Level: $0.28 & $0.17 

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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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