Ripple (XRP) Short-Term Price Anchors on $0.3000, Will the Support Hold?
Ripple Key Highlights
- Ripple (XRP) is changing hands at $0.3087, sliding 4.1 percent in the last week
- In the daily chart, XRP prices are consolidating. Because of this, a triangle has formed above $0.3000.
- The Stochastic indicator on the 4-HR chart is bullish and turning from the oversold territory
- XRP could rally if prices close above the 20-day moving average on the daily chart
Ripple Price Analysis
Ripple (XRP) Live Price
1 XRP/USD =$0.2464 change ~ 2.46%
Earlier today, the XRP price edged to $0.3125 before falling sharply to $0.3060 as sellers liquidated at better prices. The sell-off brought the cryptocurrency back to $0.3087 at the time of writing.
All the same, the general momentum is bullish. According to the Bollinger Bands indicator on the daily chart, the XRP price is bound between $0.3400 and $0.2947.
Additionally, the Stochastic indicator on the 4-HR chart suggests that buyers are control over the immediate term.
At the time of press, XRP is changing hands at $0.3087, as per data from Bitfinex
As long as Ripple (XRP) prices are trending below above $0.30, then it can be considered bullish in the immediate term.
Nonetheless, XRP prices are consolidating below the 50-period moving average. The longer the accumulation, the stronger the expected break out.
Supportive of buyers, the stochastic indicator in the second chart has a buy signal and turning from the overbought zone.
Besides, there is a Bollinger Band squeeze mainly because of the low XRP price volatility of the last three days.
Lastly, XRP prices are rebounding from the lower Bollinger Band and printing higher, away from the primary support. This is indicative of demand, further cementing the significance of $0.3000.
Although bullish in the 4HR-chart, candlestick arrangements in the daily chart favor sellers. There are hints that the XRP price may drop, confirming losses of July 10 and July 14.
Trending below the 50-period moving average, XRP is trading in a bearish breakout pattern against the USD. Nonetheless, the reaction at $0.3000 could be an opportunity for buyers to fine-tune their entries.
Meanwhile, the XRP price is mainly consolidating. Because of this, a triangle has formed. Consequently, there is a chance that the price may drop to $0.25000 in a bear trend continuation pattern. It is a possibility that is mostly dependent on the strength of the bear break out below $0.3000.
Therefore, for buyers to be in control, prices must surge above the 20-period moving average on the daily chart.
Chart courtesy of Trading View. Image Courtesy of Shutterstock