XRP Price Forecast: XRP Price Forecast A Downtrend In Upcoming Months

A downtrend seems coming for the XRP Price
  • XRP price has formed a bullish Doji pattern with an intraday loss of 7.92%.XRP/BTC pair is currently in a negative trend with a loss of 2.35%
  • Technical Indicators suggest a bullish trend for the coin.S2F number for XRP is negligible in comparison with other ALT coins

It has seen a gain of more than 140% from the start of this year. XRP price forecast a gain of more than 35% in upcoming month.It was created by Ripple to be a speedy, less costly and more scalable alternative to both other digital assets and existing monetary payment platforms.It runs on a distributed ledger system called XRP ledger.

XRP is currently ranked 7th with a market capitalization of $51,139,867,546. The volume($6,399,305,385 ) of the coin has seen a gain of 17.7%. The volume to market capitalization ratio for the coin is 0.274. If it crosses above 0.8, then a huge buying rush can be seen.

Technical Indicators Highlights A Bearish Momentum For XRP Price Forecast

Source:Trading view
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The weekly technical chart of XRP showcases consolidated momentum.The daily chart of XRP Price forecasts a bullish sentiment.XRP price is trading above 50 and 100 Moving average. The 50MA(RED) line is at $0.485, making it temporary resistance for the coin. Resistance for the coin on the upside is at $0.6 while coming on to the downside,the bounce-back can be seen from $0.42 .A bullish doji pattern is formed on to the shorter time frame of 4 hr chart.If the price breaks above $0.53 then a bullish momentum can be seen.

The volume indicator of the coin is at 4.59M showcasing a weak bullish momentum.If the price breaks above $0.53 then a buying rush can be seen.

 RSI(Bearish): It is trailing at 44.42, showcasing its presence in the neutral zone. There is a positive slope formation in the RSI, highlighting that the price can see a strong uptrend. The overall sentiment of RSI is bullish.

Conclusion

XRP price forecast a bullish trend for upcoming trading sessions. XRP has seen various ups and downs but their community has been strong for a long period. XRP/BTC can see a strong uptrend in upcoming days.An investor should do their due diligence 

Technical Levels

Major Support :$0.42

Major Resistance:$0.6 

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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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