The Ripple(XRP) is having trouble producing double-digit growth against USDT (tether). Prices continue to fluctuate with very little, if any movement in recent years. While the prices of other coins rose with significant price gains in early crypto markets, Ripple’s (XRP) performance has been inconsistent. (Data sourced from Binance).
Weekly Chart: Price Analysis for Ripple (XRP).
The price of XRP is having trouble maintaining its bullish momentum in the recent months. It was rejected at the $1.9 supply zone, which for most sellers.
XRP, despite its fundamental strength and growing sentiment about the movement, has struggled to find the bullish momentum that it enjoyed. Yet, XRP still has a value of $0.3-$0.38.
To have any chance of trending higher, XRP’s price on the weekly chart must break through the channel that it formed. The resistance at $0.38 in the upper channel continues to prevent a significant move to the upside.
XRP’s price needs to break above this region for its price to trend higher to $0.42 and possibly $0.55. For XRP to have a greater chance of trading higher, it must move above and maintain this channel. We could see XRP trading higher if it has a lot of volume. However, XRP could fall to $0.3 if there is a strong demand for its price.
Weekly resistance for the price of XRP – $0.38-$0.42.
Weekly support for the price of XRP – $0.3.
Chart Price Analysis of XRP on The Daily (1D).
Prices for XRP continue to fluctuate with very little volume. This makes the daily timeframe of XRP prices look choppy. The major support of $0.5 was not maintained by XRP, and the price turned it into a resistance. This caused XRP’s price to drop to $0.3.
The price of XRP saw a drop of $0.3, but it rebounded from there, serving as support for large market players and providing strong demand. The price of XRP attempted to hold above the 50 Exponential moving average (EMA), but it was rejected by that region. Resistance for the price is $0.36 which corresponds with the 50 EMA value.
The current price of XRP trades at $0.33 on a daily basis, which is below the 50 EMA. To assume a bullish price trend, XRP must flip the 50 EMA.
Relative Strength Index, (RSI) for XRP below 50 in the daily chart indicates low order volumes. If there is good volume we might see the price rise to the resistance of 50 EMA.
Daily resistance for the XRP price – $0.35-$0.38.
Daily support for the XRP price – $0.3.
Featured image from zipmex. Charts from