Price Analysis

XRP Gains Over 9% and Trades Close to $0.25

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XRP has lured massive attention over the past 24 hours with its steep bullish move against the US Dollar. Moreover, XRP has been one of the best performers when it comes to long-term investments and returns after the foremost altcoin—Ethereum. However, with a change in price and XRP reclaiming lows in the nearest past took to sliding of its rank and is now positioned after Tether on number 4 in the global crypto market.

However, the intraday activity of the currency has been commendable as it trades with steep candlestick above $0.24 and close to breaching $0.25 at $0.249, at the time of penning down this analysis. The recent price action has attracted massive social media attention and gained a 43.26% post mentions with 72.72% post engagement.

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XRP Price Analysis

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XRP/USD Chart By TradingView

The YTD movement of XRP against the US Dollar over the past week has been slightly different as the bullish candlewick takes the price above $0.24. It was over the past ten days, XRP/USD has strengthened over 7% from the trading price of $0.232 to currently trading at $0.249. However, the downtrend remains constant over the past 2 months now, but the recent bullish candlestick has led to breaching the upper band and is close to breaching the 61.0% fib level.

However, if the price of XRP coin spikes above $0.25 on the same daily chart, it is likely to break the notable downtrend against the US Dollar and successfully breach 61.80% Fib. But the coin is lacking support from MA50 & retains MA200 support at $0.2188.

In this regard, the MACD draws a slight bullish divergence, and the RSI is also inclined towards the overbought region at 53.51.

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The 5-day movement on the daily chart has notably recorded steep rises and dips intermittently against the greenback, along with a price consolidation for more than 24 hours over the bygone weekend. Over the past five days, XRP coin has hit the lowest at $0.228, and with steep bullish crossovers, XRP/USD crossed above $0.25 at $0.254 momentarily in the wee hours today.

After a gradual pullback and consolidation, XRP price has spurred over 9% in less than three days from $0.228 to currently trading close to beaching the immediate resistance at $0.25.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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