- Ripple (XRP) price fell 0.01% in the past day and it is currently trading at $0.469.
- Ripple (XRP) derivatives data states that there has been a decrement of 0.28% in the OI contracts against an increment of 12.51% in the volume in the past 24 hours.
Ripple (XRP) cryptocurrency was launched in 2012, with an aim to provide low-cost ($0.0002/transaction), speed (settling transactions in 3-5 seconds), scalability, and energy efficiency. It is an open-source, permissionless, and decentralized technology.
Ripple’s price is currently trading at $0.469 at a loss of 0.01% in the past 24 hours. It holds a market cap of $24.6 Billion and ranks 6th in the world of cryptocurrency. As per coinglass derivatives data, there has been an increment of $914.4K OI on the long side against an increment of $29.13K OI on the short side.
As per the analysis of the previous data, Ripple (XRP) made a strong rally of almost 60% to the upside in March 2023. Since then, the XRP price has gone sideways and moved in between the swing highs and swing lows created during the bullish move. The XRP coin price also seemed to respect a trendline and bounced back from lower levels.
Ripple (XRP) Price Technical Analysis
According to the XRP price analysis, the price is currently forming a pole and flag pattern. Also, the price has reached a very crucial level from where It may go directional. XRP price has started taking rejection from a lower trendline. Also, the price is losing momentum while correcting which indicates that sellers are getting weak and unable to push the price down.
Hence, It is possible that buyers may enter the market and the price may show a Bullish rally in the coming days. If the price makes a breakout with the rising volume it will then the price may go high to test the seller’s strength at the supply zone and may rise up to 25 to 30%.
Indicator Analysis
As per the EMA analysis, Ripple’s price is taking support from 200 EMA which shows long-term bullishness in the market. Currently, the price is stuck between 100 and 200 EMA. If the price makes a breakout above 100 EMA, it will indicate the end of the correction period.
At the time of publishing, the RSI value is 42.91 and that of the SMA line is 44.61. RSI is headed to the downside by taking rejection from EMA which indicates the correction period is not over.
MACD lines have made a bearish crossover and both the lines are below the mean line. Overall Indicators are showing a mixed reaction as price is indecisive at the moment.
Conclusion
As per the combined analysis of price action and indicators, Ripple’s (XRP) price was in a correction phase by forming a pole and flag pattern in a daily timeframe. currently, the price is losing momentum, which shows the weakness of sellers. Therefore, buyers may try to dominate and push the prices to higher levels. Hence, if the price starts rising with increasing volume, a breakout may be observed in the XRP cryptocurrency.
Technical Levels
- The support levels are at $0.41 and $0.27.
- The resistance levels are at $0.546 and $0.653.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
