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- 1 XRP’s price is currently trading at $0.507 with a rise of 21% in 24-hour trading volume.
- 2 Ripple price is up by 12.78% in the last 7 days.
Recently, XRP’s price surged up with bullish momentum, as was estimated in the previous analysis. The price has been trading on an uptrend since early July when it broke out of the seller’s control. The price is currently taking a bearish rejection from the previous resistance zone.
The price trades near its previous rejection level on the daily time frame above the 200 EMA. The oscillators have reached the oversold levels. The present value of Ripple is $0.5071, With a total market cap of $26.3 Billion.
Increase in Bullish Sentiment Among Investors
There is an increase in the bullish sentiments among the investors of 41.66% as per the metrics provided by LunarCrush. XRP coin is also gaining attention of the prospective buyers across various media platforms, The Total Social Contribution rate has surged by 61.14% within the last few days.
In the previous XRP price prediction, it was estimated that If the token acquired support from buyers near its support level it may see a substantial gain within the next few weeks of around 10 – 13%. The price attained its target by breaking the $0.0500 level.
The prediction was given because the price was trading near a critical support level that the buyers have respected for the past few months. The technical indicators supported the positive change in the trend. The oscillators reached near the overbought levels on the daily chart.
Presently, the price of XRP is trading above the key MA and EMA levels.
Technical Analysis (1 Day Time frame )
The RSI line is reversing from the overbought level near 70 points. The value of RSI at present is 64.84 points whereas the 14 SMA supports it at 58.75 points.
The stochastic RSI is making a double-top pattern, taking a negative reversal from the overbought levels on the daily timeframe. The %K crosses below 80 points after giving an interception to the %D line. The value of the stochastic RSI at present is 85.69 points.
Conclusion
The price of XRP faces a critical barrier trading around its previous resistance zone on the daily chart. According to the analysis, the price is predicted to see a decline in its value if the sellers are successful.
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.
