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Bitcoin Crypto

Ripple Price Analysis: Will XRP Price Break Previous Swing?

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  • The price of XRP is trading at $0.482.
  • The XRP price decreased by 1.58% in the last 24 hours.
  • The XRP year-to-date return is +42.27%.

Weekly Trend Analyzation

This week the trend was bearish as the price was up by -1.07%. By trend and price information history, we can say that XRP is performing well. 

All-Time History Analyzation

The coin’s value surged by more than 27% in all-time history, giving good returns to the investors’ money. 

Chart Analyzation In 1-D Timeframe

XRP

Source:  XRP /USD.1D.BITFINEX by TradingView

Trendline Analyzation

As per the trendline, it is respecting multiple support and resistances very well, taking exactly from the drawn trendline on the chart and between the zones. It was bearish before the point  it was rejected from the supply zone. But recently, it took support from the trendline. So, as price action speaks, it already took support on the trendline and now it is slowly approaching the lower trendline.

MACD

When the MACD line is below zero, the MACD line crosses above the signal line, it shows that the short-term momentum is stronger which is a bullish sign. Also, in the overall trend, it is an indication that the moving average is below the long-term moving average, and therefore the trend is downward.

EMA 

The price is going down on the 1D chart. It is below the 20 & 50 EMA (exponential moving average), which is supporting the trend downwards. 

Investors’ sentiments regarding the XRP coin are negative and on the bearish side in the long term. To change the direction, the price has to go up and sustain above all the EMA’s in order. The sellers are stronger than the buyers which highlights a sell signal. 100 & 200 EMAs support the trend upwards, this explains that for the short term, it is bearish but for the long term it is bullish.

RSI

As we can see in the chart, the RSI line is in a bearish zone i.e., the line trading below the median line. Since the 14 SMA line and RSI line are below the median zone, the market is bearish. The daily time frame chart suggests that the XRP coin is bearish.

Bollinger Band

In the Bollinger Band indicator, the XRP coin price is trading at the lower band. After taking rejection from the 20-day Simple Moving Average (SMA) of the Bollinger Bands, it is indicating a downward move.

XRP

Source:  XRP /USD.1D.BITFINEX by TradingView

Volume Analyzation

The amount of XRP traded in a day is $787.164K. While looking closely at the graph, we observed that there is not much momentum in volume to give momentum to the price in the long term. Therefore, it cannot push the price up in the short term, due to the lack of considerable volume present in the market. 

Conclusion

Currently, the technical parameters for the XRP coin indicate bearish pressure in the upcoming trading days. The sentiments of investors and traders are bearish in the long term.

Technical Levels:

  • The Nearest Support Level is $0.366.
  • The Nearest Resistance Level is $0.561.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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