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.
Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.