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- XRP’s price struggles to hold above key support as the price needs to hold above $0.44 to maintain its bullish run.
- XRP continues to struggle as bearish divergence appears on the daily timeframe suggesting a change in trend could be imminent.
- The price of XRP continues to trade below the 200 Exponential Moving Average (EMA) as 50 EMA acts as support on the daily timeframe.
The price of Ripple (XRP) in the past few weeks has seen more traction as the price showed strength rallying from its weekly low to a high of $0.52. Despite so much uncertainty that befalling the crypto market in the past few weeks as the price of Bitcoin (BTC) and other crypto assets like Ethereum (ETH) saw a slight setback in their price movement, the price of Ripple (XRP) showed strength as it produced green moments for traders who invested into this asset. (Data from Binance)
Ripple (XRP) Price Analysis On The Weekly Chart.
The price of Ripple (XRP) in recent weeks showed some great price movement, with so many traders and investors becoming interested after winning its law case that had dragged the price of XRP to the downside from a high of $2 to a weekly low of $0.3.
XRP’s price rallied from the weekly low of $0.3 to a high of $0.54, showing some great price action before facing resistance to breaking above this region. A break and close above $0.54 would send the price of XRP to a high of $1.
The price of XRP failed to flip this region, acting as resistance, and has since struggled to hold above $0.44. If the price of XRP breaks below $0.44, we could see the price retesting the low of $0.36, acting as support for the XRP price.
Weekly resistance for the price of XRP – $0.54.
Weekly support for the price of XRP – $0.36.
Price Analysis Of XRP On The Daily (1D) Chart
In the daily timeframe, the price of XRP continues to trade below key resistance after forming a bearish divergence as the price was rejected from a region of $0.55, preventing the price from breaking higher.
The formation of the bearish divergence on the daily timeframe for the price of XRP suggests a potential trend reversal to the downside.
If the price of XRP rejects the downside of price, the price at $0.44 will act as support corresponding to the 50 EMA.
Daily resistance for the XRP price – $0.55.
Daily support for the XRP price – $0.44-$0.38.
On-chain Analysis Of XRP
The XRP price from the on-chain analysis looks more decent despite a fall of over 50%. XRP produced a reasonable return on investment (ROI) of 24% over the past three months compared to other crypto assets.
Featured Image From zipmex, Charts From Tradingview and Messari
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Image and article originally from www.newsbtc.com. Read the original article here.