The price of XRP has remained steady at $0.3- $0.39 over the past two months.
- The price of XRP is stuck at $0.3 to $0.39, causing a weakness in the currency.
- Bearish price signals
- The price of oil is nearing its peak and the plunge to 52%
The bulls are being held back by the current sluggishness in XRP prices.
The XRP is falling short, and it’s not possible to jump higher
On the daily charts, XRP’s structure looks bullish. It has its characteristic higher highs as well as lower lows. But, it seems that the bulls are not intensifying further, halting the token’s price from moving in the positive route.
According to CoinMarketCap, the crypto’s price has capsized by 3.31% and is trading at $0.3701 as of this writing.
Positively, the price was able turn the tables on the 100 day moving average just a few weeks ago. With that said, the price was able to tap the key resistance levels of $0.39 – $0.42.
If the bulls are able to overcome the price range above, then XRP will shoot for the 200 day moving average.
A bearish perspective would indicate that the token is unlikely to break key resistance. The key support level at $0.33 will be breached. This could lead to a drop in price and the possibility of a retest.
The XRP is a Bitcoin-linked currency. It fluctuates between the 200-day and 100-day moving average lines. The bears aren’t letting their guards down, poised to defend their key resistance present at the 1700 – 1800 SAT range.
Similar to the previous bulls, they aren’t going to let go of the price if it drops below the 1500 SAT. As long as the price is not breached or closed below or above the mentioned zones, there will likely be sideways action in the next days.
Crypto-In Danger Of Losing 52% of Gains
The pressure on XRP bulls is increasing as the bears rush to support a breakout. With the odds in favor of bears, the crypto’s price is bent to lose as much as 52% and deplete the gains incurred this summer.
The Ripple price has been experiencing difficulties in the last week. And this week isn’t any better because XRP price registered lower this week than last week hinting a gigantic squeeze.
Because Ethereum is more likely to be traded on, it’s possible that the bulls will drop XRP. The bulls will likely push XRP prices below the 55-day SMA, while the support key is $0.36.
An increase in XRP prices from $0.36 could cause it to rise towards $0.50, implying that a swing trade can be as profitable as 40%.
Source: TradingView.com| Source: TradingView.com Featured image taken from Crowdwisdom.live. Chart from TradingView.com