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- 1 XRP price formed a strong base at $0.3000.
- 2 XRP crypto is hovering in a range and is trading near the 50 and 200 day EMA.
- 3 XRP price prediction suggests a rise and may reach $1.00 after the Ripple vs SEC issue is resolved.
XRP price defends $0.3500 support and attempts to keep the price above the 50 day EMA. However, XRP crypto is stuck in a wide range and might not show any strong signs of any big up-moves until the Ripple vs SEC case is resolved. XRP price has not generated any returns for its investors in the past 10 months but on a positive note, it sustained at the yearly lows.
XRP price is currently trading at $0.3811 (at pess time) with an intraday decline of 1.19% and 24 hour volume to market cap ratio at 0.0688. The pair of XRP/BTC is trading at $0.00001391 with an intraday rise of 0.80% which shows that divergence between the two. At the start of January, XRP price took support at $0.3000 and formed a bullish hammer candle.
XRP crypto managed to climb above the 50 day EMA and gained positive momentum. However, the rally was not very rewarding and halted at $0.4327 which shows that bears are still active on the higher levels. Therefore, $0.4327 will act as an immediate hurdle level for the bulls followed by the next hurdle at $0.5000. Moreover, XRP price tried multiple times to break out of the 200 day EMA but got rejected. However, the EMA is sloping sideways indicating that consolidation might continue.
Will XRP Price See Upward Range Expansion?
XRP price prediction suggests a rise in the long term and may see upward expansion in the coming months. XRP price seems to bottom out and shows signs of base formation. The probability of upside range expansion will increase when prices are able to sustain above the 200 day EMA. Till then, it is expected to consolidate in the range mentioned in the chart. Moreover, if the Ripple vs SEC case is resolved in the coming months then we might also expect the XRP crypto price to reach $1.00 before the 2023 end.
Technical Indicators
Technical indicators like MACD had generated a fresh positive crossover indicating mild bullishness. The RSI at 44 sloping sideways denotes prices near the neutral zone and are expected to consolidate. On the other hand, if the overall market sentiment turns bearish, then it might negatively impact the XRP price and the bears may try to retest the yearly lows.
Conclusion
XRP price is flat and continues to consolidate in the narrow range. The probability of forward range expansion will increase only if prices sustain above the 200 day EMA.
Technical analysis suggests that XRP crypto formed a strong base at $0.3000; downside seems limited.
Technical levels
Resistance levels : $0.4327 and $0.5000
Support levels : $0.3500 and $0.3000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
