Home
News
- XRP price is on a negative move while making a bearish engulfing pattern on the daily chart. Meanwhile, XRP/BTC sees a consolidated move.
- Technical indicators suggest a bearish move for the coin. The long/shorts ratio of the coin is 0.83 in the exchanges.
Ripple created XRP to be a speedy, less costly and more scalable alternative for both digital assets and existing monetary payment. The XRP Community maintains RippleNet’s ledger. XRP payment platform is a real-time gross settlement that enables instant monetary transactions globally. XRP price is currently below 85.83% from the all-time high of $3.84.
XRP is currently ranked 7 with a market capitalization of more than $55,000,000,971.The market capitalization to volume ratio for the coin is 0.207. If the ratio crosses over 0.75, then a huge buying rush can be seen.
Technical Indicators Hints A Bearish Move For XRP Price Forecast
The weekly technical chart of the XRP showcases a bullish momentum. On coming to the daily chart, the XRP shows a bearish move.XRP price is above 50 and 100 Daily Moving Average. The 50MA line is at $0.492, making temporary support for the price. Resistance for the ongoing coin upside is at $0.565.It can see a bounceback from the $0.52 ongoing downside. There is a bearish engulfing pattern in the XRP on the 4-hour chart. If the price breaks above the bearish engulfing pattern, then a colossal buying rush can be seen.XRP/BTC pair can also see a bearish momentum in the upcoming trading sessions.
RSI(Bearish); It is trailing at 54.42 while showcasing its presence in the neutral zone. There is a negative slope formation in the RSI, highlighting the downtrend. The overall sentiment of the RSI is bearish.
Conclusion
XRP has seen various ups and downs from the last couple of months. XRP price forecast a loss of more than 10% in the upcoming months. Investor should do their due diligence before investing.
Technical Levels
Major Resistance:$0.565
Major Support: $0.52
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.
