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- 1 XRP’s price is currently trading at $116.7, with a rise of 46% in 24-hour trading volume.
- 2 Ripple price is up by 0.29% in the last 24 hours.
XRP’s price is currently trading above the 100 and 200 EMAs on the daily timeframe. It has been trading on an uptrend since gaining buyers’ support in early July when it broke out of the bears’ firm hold. Investors’ sentiments are trading near the fear zone however, it may change if the price succeeds in taking a rebound from the current support line.
According to the XRP price prediction, If it gains investor support from the current level, it can rally up by 12% by next week near $0.500. The XRP price has been gaining consistent support from buyers from the trendline for the last 11 months.
Increase in Bearish Sentiment Among Investors
Investors are projecting bearish sentiments regarding the XRP price, there is a decline of -13.09% in the bullish sentiments of buyers as per the metrics provided by LunarCrush. The Total Social Engagement rate is experiencing a slight surge of 38.73% within the last few weeks. Despite an increase in the bearish sentiments of the investors the price of XRP is trading around an important support zone.
Technical Analysis ( 1 Day Timeframe )
Presently the price is making a breakout through key EMA levels. It is attempting to make a bullish rebound from the trend line at $0.445, where its next target, according to XRP price prediction, is $0.500.
The RSI line recently made a positive breakthrough from the 14 SMA points. The value of RSI at present is 47.40 points, whereas the 14 SMA supports it at 39.59 points. Presently the RSI is taking a bullish reversal.
The stochastic RSI has reached the overbought levels on the daily timeframe. The %K is moving above the %D line above 80 points, indicating that it may take a negative reversal. The value of the stochastic RSI at present is 65.85 points.
Conclusion
The price of XRP is currently trading near a crucial support level near its previous resistance zone and above the 200 and 100 EMAs. However, it is making a lower high and low pattern which suggests that the XRP price is trading on a downtrend. The buyers may prefer to wait for a confirmation of a reversal or the continuation of the trend before establishing their target. If the buyers successfully propel the price up with strength, it can see a 12 to 15% increase shortly.
Technical levels –
Support –$0.380 and $0.400
Resistance – $0.500 and $0.550
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
