- XRP, at the time of penning down this analysis, was trading at $0.2043
- The price lacks imminent support and therefore, trades in the red with dense selling pressure
- XRP/USD is expected to take a reversal after nosediving to $0.2000 as 200-day MA is providing the right support
- We foresee moderate volatility in the upcoming days
XRP price is seen correcting downwards after having hit the resistance at $0.225. The king of the cryptocurrencies is also seen trading below $8,000 and has an impact on the overall trading volume and market cap as well. Currently, the coin is exhibiting an intraday dip and bearish move, alongside, lack of support.
XRP Price Analysis:
Analyzing the hourly XRP/USD move on Coinbase, we see that the coin is seen correcting downwards after having soared at $0.225. Unable to hit the resistance, the coin is moving towards the major support at $0.2000. The 20-day Bollinger Bands laid hold moderate width, and we do not foresee major volatility in the upcoming days. Once the coin rightly gains the required momentum, it is ought to bounce back and retest the formed resistance. Presently, the major support is formed by the 10-day MA and Bollinger Band Basis.
As per the technical indicators laid, the MACD of XRP is running below zero and is overridden by the signal line, showing bearish divergence.
The RSI of the coin is at 32.43 and is rightly hitting the basis of the oversold region as the security is surrounded by the selling pressure.