Price Analysis

Ripple Price Analysis: XRP Shows Positive Signs, Technical Picture Still Appears Gloomy

  • Ripple has recently started to move upwards, but is still below $0.30
  • The 7-hourly chart of XRP has traced an Inverse Head and Shoulder pattern, which indicates an upcoming uptrend
  • The Ripple price has recently found support near $0.2935 and rebounded from there
  • XRP is mildly bullish after the rebound and is carrying a selling pressure

Ripple price has recently shown a mild bullish bias in its price trend after it saw a price plunge near $0.2935. Although the coin is struggling to maintain an uptrend against U.S.Dollar, as the coin is facing hurdles to steadily climb above $0.30.

Yesterday, under a bearish impact, Ripple coin saw a drop from $0.3000 to $0.2915 and bounced back. Despite the rebound, XRP couldn’t trade above $0.30. According to the given 7-hour chart, XRP was at $0.2944 at 22:45 UTC yesterday and it escalated from there with an increase of 1.07%. Here, the price of Ripple reached as high as $0.2976 and then corrected down.

Extending the downtrend today, Ripple price has hit the bottom at $0.2935 after breaking support near $0.2960. The coin rebounded above $0.295 and again took a small dip near $0.2949. Here, XRP price has traced an inverse head and shoulder pattern which points out to the uptrend. Ripple was trading at $0.2957 at 05:41:08 UTC.

XRP/USD Price Chart by TradingView

Ripple Price Chart
Ripple Price Chart

Ripple’s current price is 20.36% lower than its 100-day SMA of $0.3713. Also the coin is below its 5-day SMA. In the chart, the short-term SMA (10-Day) is about to move below the long term SMA (100-Day), which indicates a price fall.

XRP seems to have a support at $0.2935. Now when the coin is above $0.295 it may see immediate support level at $0.2945. The XRP price, at present, is battling with price barriers to trade above $0.30.

Ripple Price Prediction & Technical Indicators:

MACD chart of XRP/USD is in the bearish zone with its MACD line below the Signal line. RSI for the coin is just below 50 showing no extremities. Ripple may face resistance at $0.3006 and $0.3047 and support at $0.293 and $0.2895.


Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
Event Information
Event Information
Back to top button