This XRP price analysis will highlight how the price of XRP is defying gravity by being locked in a wide range. That is the positions between $0.30 and $0.34. The digital asset has now found its foot for the first time this year. Despite the fact that XRP price is approaching $0.4, in the event that it drops under the $0.30 support area, XRP could test another support at the $0.28 area.
Crypto Markets Have Been Retracing From Impressive Gains Realized in Recent Days
The digital asset market is now retracing from the impressive price gains it recorded in the last few days. However, Ripple’s XRP is now defying gravity after being imprisoned in a broad range between the $0.30 and $0.34 support areas. This ranging pattern has taken control of the market since 11 July. There have been just a few breakouts from either side of the trend line which wasn’t significant enough to stay clear of the ‘crypt’.
There are major support areas for XRP/USD at both the 50 SMA and 100 SMA via the 4-hour chart. There is also support at $0.30 (that is the level’s lower limit) as well the previous support from June at $0.28. The resistance areas for XRP/USD are at the $0.3200, $0.3400 areas which belong to the range upper limit. There is also resistance at $0.4 which is likely the target breakout. The MACD stands at +0.0022 and includes a key bullish indicator higher than the mean line.
XRP Price Trading at $0.3184 as of Press Time
As of when this content was published, the price of XRP was exchanging hands at the $0.3184 area following a correction from the $0.3421 position which is an intraday high. Despite this price retracement, XRP’s value still holds enough above the moving averages. Hence, the 50 Simple Moving Average via the 4 hour chart along with the 100 Simple Moving Average via the 4 hour chart. Both of these technical areas are now forming a formidable support position for XRP at $0.3159.
Meanwhile, if the initial support area is to be protected, buyers must continue to fight at the moving averages as well as the next support target point at $0.31. If this isn’t done and the price of XRP plunges under the range support point at $0.30, there is a good chance that prices will test the $0.28 support point before a possible rebound.
The Technical Picture is In Between Positive and Negative
The technical picture is, in this case, is neither negative nor positive. What this means is that the market indecision has continued as of press time. Nevertheless, it is important to point out that the Moving Average Convergence Divergence is currently positioned in the positive area. This is suggesting that the bulls have gained control over the current trend.
We will likely not see Ripple’s XRP price breaking the range resistance point today. However, as long as MACD stays above the mean line, a step above the $0.32 area will become a possibility. Besides, the relative sideways trading pattern will likely continue to dominate the current trend. All in all, XRP price could touch $0.4 in the near-term. Investors are positive about the price trend and it could be good to see some growth in the sphere.