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- 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
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
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
