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XRP Price Analysis: Will XRP Give Breakout Soon?

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  • XRP is currently trading at $0.4721 with a rise of -0.79% in 24 hours.
  • XRP’s live market cap is $21,563,857,182.
  • XRP’s 24-hour volume is $1,142,820,028 which rose by 9.19% in 24 hours.

Introduction 

The cryptocurrency XRP was made by Ripple Labs. It was introduced in 2012 to encourage quick and affordable global money transfers. The XRP-based Ripple payment system and network seeks to offer a more effective and affordable substitute for cross-border transactions.

Unlike many other cryptocurrencies, XRP does not use blockchain technology and instead uses a novel consensus mechanism called the XRP Ledger. This ledger is maintained by a network of impartial validators, unlike conventional blockchain-based cryptocurrencies like Bitcoin or Ethereum.

Trend Analysis

By looking at the chart in a daily timeframe, we can determine that the price of XRP is in a downtrend momentum. As of now price is moving in a horizontal channel pattern and the price again reversed from the resistance level indicating a negative structure and presence of sellers. In the past week, the price of XRP has decreased by -9%, indicating that it is currently performing poorly. 

XRP Price Analysis

XRP Price Analysis: Will XRP Give Breakout Soon?
Source: XRP/USD.1W.BITSTAMP by TradingView

EMA:  The price of XRP is currently trading below both the 20-day and 50-day exponential moving averages on the daily timeframe, which is not good

MACD: In daily timeframe, MACD is indicating a negative momentum. The signal line is currently at -0.00285 and the MACD line is at -0.058. The MACD line is in the negative zone, and since the signal is forming a crossover, it will eventually go into the negative zone. This shows that XRP’s overall trend is bearish.

RSI: A momentum oscillator that measures how rapidly and powerfully prices change is called the relative strength index, or RSI. It has a range of 0 to 100, with values below 30 indicating oversold situations and readings above 70 indicating overbought conditions. The 14 SMA line below the median line is close to 48.89, and the current value of the RSI is 47.66. The RSI line and SMA line have crossed from above, indicating bearish market momentum. The SMA line is above the RSI line.

Conclusion 

According to the analysis, the current price of XRP portends unpredictability for the short term and bearish indications are being generated by indicators like the EMA and MACD. Additionally, the volume is not rising, showing that there are sellers in the market. The price of XRP shows a definite downtrend with lower highs and lower lows on the daily chart. This suggests market pressure to sell and a lack of buyer interest.

Technical Levels:

  • Support – The current support level of the XRP is $0.41739.
  • Resistance -The current resistance level of the XRP is $0.5388.
Disclaimer

The thoughts and opinions expressed by the author or anybody else included in this post are exclusively for informational reasons. They don’t offer any advice of any kind, be it financial, investment, or otherwise. The possibility of losing money exists while buying, selling, or investing in cryptocurrencies.

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