XRP price has responded positively to all the recent news in the sphere. There have been lots of developments in the past few days. The Trust wallet of Binance added XRP, Xpring is partnering with Forte Platform, and Blocktrade.com added XRP as well. Earlier, Uphold XRP volumes increased drastically and the Tsinghua University Institute established the UBRI program of Ripple. Pay Global also integrated the digital currency into their roster while SIX Group released a statement saying they will offer XRP as well.
XRP (XRP) Price Today – XRP / USD
XRP Price Analysis
XRP price was at $0.3167 earlier today while the market cap of the digital currency stood at $12.8 billion.
On the one-hour chart, XRP showed a downtrend which extended from around the $0.3445 level to $0.3171. The uptrend was pegged at $0.3072 to $0.3134. XRP price found support at $0.3160. The resistance points from the chart were $0.3260 and $0.3489.
It was clear that XRP volatility had drained out since the Bolinger Bands were passing through a squeeze. XRP prices stood above the simple moving average. This is an indication that the bulls are present.
Also, the MACD indicator shows that there is a tussle between the bears and the bulls. The signal and MACD line could be seen intertwined.
XRP price prediction from the one-day chart
There is a dominant downtrend on the one day chart. It has been in progress since last year. This line extended from $0.9027 to the $0.3257 level. Also, the support held XRP price from falling further at $0.2587. The points for long term resistance are $0.5836, $0.6880, and $0.9027.
On the Aroon indicator, there is a rising downtrend as well. Though the uptrend line is closing in, this downtrend is showing some dominion over the uptrend.
Also, money is flowing out of the market going by the Chaikin Money Flow line which is stuck at a sub-zero position.
Watching the one hour chart closely, we can deduce a fight between the bears and the bulls to control XRP price. The AO, Bollinger Bands and MACD have confirmed this. Other methods support a bearish trend, but all charts have shown that the price candles are ready for a breakout.
The one-hour chart showed a fight between the bulls and the bears to take control of the price. This was confirmed by AO, MACD, and Bollinger Bands. The CMF, RSI, and the Aroon indicator showed a bearish trend for XRP. However, both the charts showed that price candles were consolidated and ready for a breakout.
Will XRP recover?
Can XRP price bounce back? At the moment, it is likely that there will be some upward movements. So much has happened recently, and the trend is pointing to some relief for the cryptocurrency.
XRP price recently rallied and broke the key resistances pegged at $0.3080. At some point, it settled a bit above the $0.3100 resistance level. Even though there was a bearish trend yesterday, the XRP/USD pair managed to move into the bullish zone. It is trading above the $0.3100 support line and has a good chance of correcting further up.