XRP Denies Breaking the Psychological Level of $1
Ripple (XRP) has been trading strong on the price charts for one day. The financial coin is unlike other cryptocurrencies that need mining to validate transactions. Ripple has emerged as a strong competitor to transfer organizations such as SWIFT in the last couple of years. Holding its position as the 6th largest cryptocurrency in a world filled by miners and traders speaks a great deal about Ripple’s XRP has unlocked possibilities.
XRP Price Analysis
XRP can be seen consolidating in the last few days with a positive stance. Despite holding an insider candle, the price action is protected by close moving averages and swing supports.
On a valuation basis, $1.32 has come out as a strong resistance zone that is preventing the prices from going up. XRP seems to hold its ground with support from $1.05 levels, but it will be interesting to see how long it can bear the selling pressure and hold the $1 levels. Since the 200 and 100 Days moving average curves are still under the $1 range, it has stronger support in the lower levels. Taking cues from the support levels and moving average curves, one can expect XRP to retest $1.25.
Technical indicators such as RSI are holding neutral grounds and supporting the price movement witnessed on XRP in recent days. XRP can soon break out of this pattern and trend on the positive side. The range of $1.23 to $1.32 will be testing the buyer’s strength and will be tough to breach in one attempt as per our Ripple price forecast.