Uncertainty in XRP Price Action Could Be a Negative Signal!
Despite the ups and downs, XRP has a relatively higher position and ranks among the crypto world leaders. It is a first-of-its-kind cryptocurrency and has offered tremendous value to investors in its popularity and real-life use cases. XRP currently holds the 6th position in market capitalization with a total circulating asset of USD 50.94 billion. This asset has been in light of its mere 46% circulating supply of its total coins.
XRP has delivered a high return of 420% since the beginning of this year. Yet, it hasn’t been able to hit a new all-time high value since 2018 December. Struggle, competition, lawsuits, and controversies are weighing in heavily on this digital asset. In fact, XRP is one of the few cryptocurrencies that work with fiat currencies.
XRP Price Analysis
XRP price action seems problematic for the near term, and such unsure candles could prolong the volatility we have been witnessing here.
XRP has emerged as a positive asset after three months of downtime between May and August 2021. The subsequent industry-wide rally helped XRP climb from the $0.51 level to a peak of $1.40 but couldn’t hold on to its gains. The resulting profit booking has showcased the weakness in the price action of this cryptocurrency when compared with Bitcoin and ETH. On the other side, prolonging of its SEC lawsuits in creating internal conflict with holders of these coins, who are exiting their positions in the hope of making higher profits with the impending volatility.
Since taking support from $0.8744 in September last week, despite a positive movement, dark clouds are luring around XRP. The price action on one day has been very volatile, hitting new highs and lows in the same day. This tussle has decreased buyer interest as indicated by the RSI level, which can be seen dipping from 59 to 48 and continues to fall. MACD, on the other hand, has given a clear signal of bearish crossover, which is a matter of concern for those trapped in XRP with heavy losses.
Although breaking 200 DMA levels should be challenging, we have witnessed sudden buying every time XRP has breached this level. As per the Ripple price prediction by CryptoNewsZ, the rise of 200 DMA levels to above $1 could be positive after the breach of this level, but it will be a risky gamble. Click here to know more about Ripple its predictions all in one place.