- XRP’s price slowed down after showing so much strength as it rallied to a high of $0.55.
- XRP may experience a retracement due to the price site at a critical support area. This could hold the price from sellers in hopes of a rebound.
- XRP’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).
Ripple (XRP), which saw incredible price action, rose from $0.3 to $0.55 following the news about the company winning its lawsuits. This was after the previous announcement. All assets have seen a bit of relief, but Bitcoin (BTC), Ethereum(ETH) and MASK (MASK) led the way with over 2000% gains within seven days. Ripple is vulnerable to price volatility as the cryptocurrency market remains uncertain. It sits on its key support. Data from Binance
Weekly Chart: Price Analysis for Ripple (XRP).
It is growing more positive as altcoins are continuing to show over 200% gains in the 7 days since they broke out of range bound movement.
Many altcoins were struggling to keep their crucial support areas up in the past week. This was a tough time for the crypto market. The outlook for this week after enjoying rallies during previous weeks is mixed.
XRP’s price has had a great run but has faced a setback in rallying past the high of $0.55 to a region of $1, as anticipated by many. After reaching a weekly high of $0.47, XRP’s price rose to $0.55. The price suffered a small rejection that allowed it to rise to $0.7 or possibly $1.
The price of XRP remains bullish above $0.45. However, this may be deteriorating as real volume has yet to accompany the price.
Weekly resistance for the price of XRP – $0.55.
Weekly support for the price of XRP – $0.45.
Chart Price Analysis of XRP on The Daily (1D).
The price of XRP is strong in the daily timeframe as bulls attempt to keep the price above $0.45. This provides strong support for sellers to stop the price falling.
XRP is currently trading at $0.455, just below its key support for the daily timeframe, after rallying from this area several times and reaching a high point of $0.55 before it was rejected.
If XRP’s price is to remain at or above $0.35 it will be subject to bears. This price has provided support for XRP in the past.
Daily resistance for the XRP price – $0.55.
Daily support for the XRP price – $0.45-$0.35.
Shutterstock Featured Image, Charts from Tradingview