Price Analysis

Ripple Price Analysis: Bulls Activate as XRP Begins its Price Recovery

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XRP price has been dropping after it saw a strong pullback from $0.49 on 26th June. Since then, XRP price has breached quite a few major support price levels. The recent price breakdown was below its critical support of $0.40. 

At present, XRP is moving towards price recovery as it has stepped out of the narrow price range of $0.40 and is currently near $0.41, though with instability. 

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Current Statistics:

At 11:25:14 UTC, XRP was trading at $0.4108 while having a Market Capitalization of $17,603,035,993. Ripple holds 42,566,596,173 XRP in its Circulating Supply. XRP fetches RoI (Return on Investment) of 6,940.39%. 

XRP 4-Hour Price Chart:

Ripple Price Chart

Comparison:

The last 4-hour price path of XRP paints a bit positive picture as it has moved upwards from its price at $0.4085 after a price plunge. Here, XRP went down at $0.4020 and gradually rebounded to $0.4143 with an increase of 3.05%. However, after that, its price has been ranging between $0.41 to $0.40. It is to be seen whether or not XRP maintains its price over $0.41. 

Additionally, XRP’s current price is 4.66% lower than its 5-day SMA ($0.4309), which indicates the current bearish impact over its price trend. Also, The MACD chart which initially shows volatility is currently turning a bit bearish. XRP needs to strike a price recovery above $0.42 to step out of the current bearish zone.

Conclusion:

If XRP manages to surpass major resistance at $0.42, it may see further resistance at $0.4544. Though, another price drop can take it to the support level at $0.3791.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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