At the time of writing this article, Ripple XRP is trading at $0.4765, a major retracement from previous highs of $0.5150 levels. XRP price had a significant sell-off and retraced towards the critical support zone $0.42 to $0.45 where it found some buyers.
Until XRP holds $0.45 support level it will be trading in a narrow range $0.4550-$0.4750 area. In case of a major breakout above $0.4750 with big volumes, we can see $0.4950-$0.50 price levels easily.
Ripple XRP News
Ripple is currently involved in a class-action lawsuit concerning their native cryptocurrency digital asset token Ripple [XRP]. They’re trying to move their class-action lawsuit concerning “XRP as Securities” into a federal court.
Furthermore, various global financial institutions are using their global payment services network, RippleNet, and xRapid. Recently, the renowned Japan-based Mitsubishi UFG Bank collaborated with Brazil-based Banco Bradesco for payment exchange between Japan and Brazil.
Ripple XRP/USD Price Analysis
Based on the XRP/USD daily chart, the price is just above the important level of 55Day EMA and below 200DMA. After a significant drop from the higher levels, MACD is still above the Signal Line and RSI is now at 47. This indicates neutral to slightly positive bias, Daily volumes are above $600m which is slightly encouraging.
Prediction (Short to Medium term):-
As long as the Price of Ripple XRP holds $0.4550 and breaks above $0.4750, we can expect a quick rally towards $0.49 to $0.52 Area….on the contrary, we can see the price drop towards critical support area of $0.4350
Credits:- Srinivas Podila
This article should not be considered as an investment advice. Please conduct your own research before investing in any cryptocurrency.
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