The XRP to USD trading pair maybe approaching an uptrend according to the price action. The XRP price is below the 21-day WEMA which is currently acting as a resistance. The relative strength index is at 34. Even if the relative strength index and the downtrend on the daily chart haven’t been broken, the bearish wave is most likely going to continue. Look out for a temporary retracement from 0.450 to 0.320. If you can set orders based on the price action, you should expect only short-term targets.
XRP (XRP) Price Today – XRP / USD
Look out for 0.450 as the beginning entry zone and 0.320 as the ending entry zone.
XRP is Near Bottom
XRP has fallen off from the upper limit and is now trading in the lower limit of the trend channel within 8 weeks. It tested the negative trendline but rebounded and climbed up. It is now getting ready to test the limit at $0.40.
If the test is positive, XRP may rally upward to the $0.63 level and find a swing there. The relative strength index is near the ascending trendline and may turn in a few hours. However, the negative trend is going to remain valid until XRP leaves its current part and reaches for higher prices. This will require more momentum and more volume.
XRP May Take Another Price Dip Before it Reaches Bottom
Previous analysis was that XRP would reach $0.43 twice in two weeks. Unlike Bitcoin and Ethereum, XRP can double and triple easily. A short-term consolidation usually happens every year. Institutional investors are getting ready to enter into the cryptocurrency market and analysts are stating high predictions for the major cryptocurrencies.
XRP is banding between $0.50 and $0.43. The market may not pick a direction soon as the cryptocurrency has been trading in this range for a long time now. You should buy with caution as usual. Don’t put all your capital in one cryptocurrency.