Cryptocurrency Price Analysis: Ripple (XRP)

Learn about the latest on the Ripple (XRP) price and its changes from last week with the Cryptocurrency Price Analysis, our analysis on trends and behavior.

XRP Price

Ripple (XRP) started strong early last week, reaching a high of approximately $0.61. It has lost momentum since, having dwindled to a low of $0.47 this week. The current price of XRP is $0.49.

Key Motions Of The Ripple (XRP) Price

  • Overall, Ripple’s price has had a uniform downswing, with slight deviations in the past week.
  • Conversely, Ripple is closing off the descending trend line that’s been holding sway since the beginning of the month, possibly signaling a reversal.
  • The price is still testing the broken resistance, possibly signaling a fake out.
  • Ripple’s technical indicators suggest that the selloff could still resume.
  • Although Ripple has started to break above the descending trend line on its 1-hour chart, it is still too close to the resistance.

A Deeper Price Analysis

XRPThe past week saw a steady price reduction from its high of $0.61. The downside began after the $0.5440 high swing in the Ripple price against the US Dollar.

The XRP/USD pair declined, crushing a couple of important support levels like $0.52 and $0.505. The downside move rendered the price to settle below $0.5000 and the 100 hourly simple moving average. Ripple traded for as low as $0.462 and it is currently correcting higher.

The XRP price has proceeded above the 23.6% Fib retracement level of the recent dip from the $0.5284 high to the $0.4620 low. Despite this plunge, the price is approaching a pivotal resistance area near $0.495.

There is an important trend line in place indicating a major bear with the resistance at $0.495 on the hourly chart of the XRP/USD pair. This trend line is reaching close to the 50% Fib retracement level of the recent decline from the $0.528 high to $0.462 low.

Thus, clearing the $0.4950 resistance will not be an easy task for buyers. Above this, the next major hurdle rests near $0.505, which had been a previous support.

As per the chart, the Ripple price has received considerable pressure below $0.505. If it fails to recover above $0.495, there is a possibility for more losses towards the $0.46 price point.

The technical indicators reveal that Ripple has an hourly MACD moving towards the bullish region. The hourly RSI (Relative Strength Index) for the XRP/USD pair is now back above the 50 level. XRP has a major support level of $0.4620 and a major resistance level of $0.4950.

The price of Ripple is currently at $0.492.

Interested to learn more about the price of Ripple (XRP) and other cryptocurrencies? Check out our news site for all things crypto, blockchain and fintech.

Summary
Cryptocurrency Price Analysis: Ripple (XRP)
Article Name
Cryptocurrency Price Analysis: Ripple (XRP)
Description
Learn about the latest on the Ripple (XRP) price and its changes from last week with the Cryptocurrency Price Analysis, our analysis on trends and behavior.
Author
Publisher Name
Ibinex News
Publisher Logo

Related Cryptocurrency News