XRP Mixed Price Action in Recent Time Might Eventually Stop. Over the last few weeks, there have been mixed signals for XRP. While many other cryptocurrencies have found relative stability either in the bearish market or the bullish market.
Ever since it lost the $0.3000 level, it has been struggling to retest it. However, the bears have formed strong resistance in the $0.2700 to $0.3000 level. If the price of XRP manages to rise above this $0.3000 level, it will need to cross another key resistance at $0.3200 to make higher highs near-term. Yesterday, the token managed to move as high as $0.3100 but moved lower shortly after.
At the time of writing, the price of XRP was $0.275515. This means that it is down by 8.23% against the USD and down by 4.00% against Bitcoin BTC. The trading volume over a 24 hour period was $2,301,788,012 and the market capitalization was $12,375,791,409. According to a popular XRP trader on Twitter, the token is coiling up for a parabolic bull run despite the current price of the token. If XRP can break the 950-day downtrend, it will reclaim a key support and a parabolic bull run will follow. In his words;
“XRP Thread: TLDR: It’s going to .93c most likely… Breaking a 950 day down trend. Price is where the 17′ bull rally took off from and just reclaimed a major historical support level all with confluence of the 200D EMA on the BTC pair. The volume is also suggesting a reversal. There is a higher low on the chart finally.”
It’s important to note that XRP’s current price action is all thanks to Bitcoin and other major cryptocurrencies that took a bearish turn recently. Earlier today, Bitcoin BTC was trading at $11,587.07 after nearly testing the $12k level. It is down by 2.81% with a trading volume of $24,093,118,125 and a market capitalization of $213,870,117,912.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple XRP Might Surge Above the $0.93 Level According to Latest Prediction
- Current Price of XRP is Discouraging as the Token Has Lost the Support at $0.2800
Ripple XRP has lost its support at $0.2800 after a few days of holding steady against the USD. While the token is not looking good now and near-term, analysts have predicted that it will enter a parabolic bull run soon. If this happens, the token might move as high as $0.9300. Since the last explosive rally led the token to $0.32, it’s hard to see the next one taking the price as high as $0.9300 in one major surge.
After XRP moved above the $0.3200 level, it faced major resistance and moved lower to the $0.3000 level. The token remained in this level for a few days but eventually lost this support two days ago hovering above the $0.2800 level and now in the $0.2700 level.