- The XRP market price drops after several days. However, the price is still bullish in spite of showing weakness.
- XRP trading above the 50-day Exponential Moving average and 200 day Exponential Moving Average, as prices struggle to regain bullish signals with bearish divergence.
- The price of XRP is holding steady and may retest $0.42 support.
As Ripple’s bullish price movements against USDT (tether) continue, the price is expected to remain strong. In previous weeks, Ripple (XRP), along with other crypto assets saw a relief boost that led to the crypto market capital looking great for all cryptocurrencies in the sector. The price movement was so strong that XRP attracted the greatest attention. (Data from Binance).
Weekly Chart: Ripple (XRP), Price Analysis
Despite having a difficult year, when the price dropped to $0.3 because of the legal suite XRP being having an effect on it, recent price movements have been positive as the current price is stable.
The price of XRP rose to an all time high. However, it struggled to drop to $0.3 per week. This price support held firm and was seen as a strong demand area for prices.
The price for XRP rose from the $0.3 region. It reached a weekly high at $0.52. Price resistance made it difficult to break higher.
XRP’s price looks good as its bullish structure is intact despite showing some weaknesses due to the market uncertainty and Bitcoin price retracing to a key support area. To keep its bullish structure intact, XRP must trade above $0.42. Any break below this range will result in XRP retesting its low point of $0.35-$0.3
Weekly resistance for the price of XRP – $0.6.
Weekly support for the price of XRP – $0.42.
Price Analysis of XRP on the Daily (1D), Chart
The price of XRP trades above the 200 and 50 Exponential Moving Averages (EMA) daily. This is despite the fact that the price fluctuates as it tries to surpass the $0.6 resistance. These prices correspond to the 50 and 200 EMA that act as resistance for XRP.
For XRP to be bullish, it must hold between $0.47 & $0.43. If the price falls below $0.43 then panic selling could lead to a fall to $0.35.
Daily resistance for the XRP price – $0.55-$0.6.
Daily support for the XRP price – $0.43.
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