XRP Continues to Consolidate Around $0.23; Likely to Fetch More Traction
- XRP price has been ranging between $0.2240 to $0.2413 in the last 5 days; for the last three days, it has remained stable above $0.2300
- The coin has moved above the EMA line today and is testing resistance above $0.2370 at present
- The falling wedge has been breached yesterday, after that, it has formed impulse wave
- The coin holds resistance line around $0.2380; also, the price barrier may come across at $0.2410
Ripple is busy taking its price higher above $0.24 as it has been trading around $0.23 only for the last couple of days. However, a recent dramatic turn in the crypto space is strongly anticipated to affect Bitcoin along with the major altcoin i.e. XRP. India, the second-most populous country has lifted the ban over cryptocurrencies.
Supreme Court quashes complete ban on cryptocurrency, @RBI's ban on banks to deal with #cryptocurrency set aside by SC pic.twitter.com/oeQUmpSSnM
— CNBC-TV18 (@CNBCTV18Live) March 4, 2020
This is surely going to open doors for the potential crypto investors of India and in turn, this is going to add a large mass to the worldwide crypto community. At this moment, this seems most beneficial for XRP coin as Indian investors may easily turn to it considering its convenient price and trustworthiness.
While holding a Bitcoin is one of the most common aspirations for a crypto believer, XRP happens to be an achievable goal from an investment perspective. In India’s context, BTC’s current price stands at 6,55,995.51 INR, while XRP price per coin is 17.039 INR. XRP’s reliability is likely to attract an Indian investor smoothly.
XRP Price Analysis
The coin had ended the month of February on a bearish note. However, on March 2, XRP went as high as $0.2413 and faced a rejection there. The next day, XRP was largely bearish as it formed a falling wedge. The pullback spree took a halt when XRP struck a price spike at $0.2374.
After yesterday’s plunge near $0.2325, the coin is again surging and is approaching the 0% Fib level with a bullish bias. The Bollinger bands have opened showing moderate volatility at the moment. Moreover, the coin is above the EMA line, noting a positive sign.
Related: Check XRP Price Predictions by Expert
Here, te short term SMA line (50-days) is above the long term SMA line (200-days) showing a bullish phase for XRP coin. Also, the RSI is at 60, indicating no extremities while the MACD chart is in the bullish zone.