XRP Price Analysis: XRP Maintains Its Position Despite The Fall Of -25.00% In A Month

XRP Looking For A Rope In The Depth
  • XRP price currently trades in an upward rising channel with an intraday loss of 2.16%. Meanwhile, the XRP/BTC pair falls ahead by a gain of 5.46%
  • Technical indicators for the XRP suggest a bearish momentum with the price heading for support of $0.39
Source:Trading view

XRP price is currently at the value of $0.45 with a loss of 2%. XRP will face resistance at the value of $0.5, and on the downside, it can see a bounce back from the value of $0.35. It is trading above 50 and 100 Moving average. The 50MA (blue line) is at the value of $0.4485, making it temporary support for the coin. If the price breaks below the 50 and 100 MA, it would be tough to recover on the positive side.

XRP is currently ranked at 7th, with a market capitalization of $20,714,958,059. Its volume has seen a change of 47.08% in the 24-hour time frame.

XRP Technical Indicator Hints A Bearish Move

Source:Trading view
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XRP has given more than 147% return from the start of this year. The coin price has jumped from $0.26 to $0.58 in a mere span of 3 months. On the weekly chart, It shows positive momentum, but it’s still a long way to go. In the shorter time frame of the 4-hour chart, it has formed a rising parallel channel. If the price goes down up to 5% of the channel line, it would be difficult for it to retrace back. The coin has also formed a supply zone in between the price of $0.53 to $0.57.If the price goes above $0.57, it can go to $1.

RSI(Bearish): It is trailing at the value of 51.42, showcasing its presence in the overbought zone. There is a negative slope formation in RSI, which highlights that price can see a downtrend in the upcoming session. The overall sentiment of the RSI is bearish.

XRP Price Looking For A Positive Breakout

XRP has seen various ups and downs since last year. Its Price is currently seeing a downtrend but can reverse its position in the upcoming trading session. XRP/BTC pair is performing well with a gain of 6.35%. An Investor should do their due diligence before investing.

Technical Levels

Major Support:$0.35

Major Resistance:$0.5

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Adarsh Singhhttp://www.thecoinrepublic.com
Adarsh singh is an Stock market and financial market advisor trader with background in Engineering. He specialises in Technical Analysis while possessing strong computational skills.

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