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- 1 Ripple price is currently trading at $0.4619 while witnessing an increase of +1.9% during the intraday session.
- 2 XRP price is trading above the 20,50,100 and 200-day EMAs.
- 3 The year to date return of XRP is 36.88% while 1 month return is -1.21%.
XRP price shows growth after rising above the 200-day EMAs. The cryptocurrency price nosedived in April, breaking the support of $0.49 level. The move led to the formation of support at $0.4480 level, however the bears broke this new support level as well. The price melted down straight to $0.45 level after which XRP price initiated a trend reversal turning the price action bullish.
Currently, XRP price formed a support at $0.45 level after gaining bullish momentum from the recent major support of $0.42. The current candle is bullish and if the bulls are to push the price above the immediate resistance of $0.48, there is a probability that the price might head toward the annual highs of $0.5850.
A candle needs to break and close above the $0.48 level for bullish confirmation. The next candle should break the upper wick of the previous candle so as to confirm that XRP price is now headed towards the annual highs.
Recent movements indicate that the buyers are striving to breach the critical zone $0.55 level and if successful, XRP would embark on a long term bullish rally accompanied by a short term correction phase on lower time frames.
Achievement For XRP Ecosystem
The XRP ledger has successfully closed 80 million ledgers in roughly 10.5 years which is a milestone in terms of speed, reliability and increasing adoption of XRP ledger as a technology for processing transactions on Ripple Network.
In September 2019, XRP ledger achieved the 50 million mark and a year later another 10 million were added. The digital currency is slowly forming as an attraction for the investors in the face of numerous challenges. The main challenge is the lawsuit between the SEC and Ripple labs.
Will XRP Price Reach $1 In 2023?
XRP price is currently trading above the 20,50,100 and 200-Day EMAs indicating bullish momentum in the price. Chaikin money flow score is 0.17 indicating bullish strength in the market.
For price to continue its bullish trend, bulls need to defend the current support of $0.45 as breaching it would possibly push price to $0.42 level. The relative strength index is 52.78 denoting that price is in a neutral territory. The long/short ratio is 1.06 with 51.66% longs and 49.34% shorts indicating more bullish sentiment in the market.
Conclusion
The market structure and price action has turned bullish for XRP and for continuing the bullish momentum, it needs to stay above the recent support and gain bullish momentum for breaking the $0.48 level. The technical parameters indicate strength in the market.
Technical Levels
Major Support: $0.42 and $0.45
Major resistance: $0.48 and $0.55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
