XRP/USD price action appears to consolidate over a longer time frame. However, looking at shorter time frames some interesting move seems to be brewing up.
XRP Price Data:
XRP Current Price: $0.3488
XRP Market Cap: $16.7 Billion
Circulating Supply: 48.8 Billion
Total Supply: 99.99 Billion
Resistance: $0.409, $0.411, $0.415
Support: $0.340, $0.358, $0.379
XRP price action is currently moving sideways, within a range of $0.375 – $0.435. Ripple’s price action has touched on the lower boundary of the sideways price channel. During this, the RSI indicator shows that the downtrend will continue as its lines stay apart while they move steeply downwards.
Ripple Price Prediction: Will there Be a Break in XRP/USD Downward Trend?
The XRP/USD price action has crossed below the 9 and 21-days moving averages on the 1-hour chart. Also, the candles on the chart reveal a tough struggle, in which the bears won. Ripple’s price action has also touched the lower boundary of the price band. However, the RSI lines appear to move closer to each other, as if they were about to cross. Subsequently, if the RSI lines should cross each other, the downtrend will experience a break. Nevertheless, the strength of the new trend: as a result of the RSI crossing, is unknown.
Ripple Price (XRP) Prediction: The Bears are Winning
On the 4-hour chart, it was revealed that the RSI lines crossed eventually. However, this was only enough to raise the price action a little. Further, on the 4-hour chart, the price action resumed its downward trend as the lines crossed once more to resume the downtrend. The resumption of the downtrend brought the price of Ripple XRP to about 0.344.
As it stands, the bears are tiring, as XRP/USD continues to be oversold. Soon, the bears will be done. Buyers are then needed to then take the price action up to $0.300, $0.400, and $0.500. It is time to buy the dip!
eToro – Our Recommended Trading Platform
- CySEC, FCA & ASIC regulated – Trusted by Millions of Users
- Trade Crypto, Forex, Commodities, Stocks, Forex, ETFs
- Free Demo Account
- Deposit via Debit or Credit card, Bank wire, Paypal, Skrill, Neteller
- Copytrade Winning Traders – 83.7% Average Yearly Profit
68% of retail investor accounts lose money when trading CFDs with this provider.
Credit: Source link