Analysis

XRP Struggles to Bounce Back This Week – Can This Crypto Make It?

California, USA – XRP struggled in the past few days after an excellent performance in the past few week. Now, it’s trying to go up from its trading price, trying to push until it reaches the target price of $3.40 or more.

XRP didn’t have a good start this year. The trading price has been struggling in the past few months, but Ripple continues to grow by making different partnership agreements with different establishments worldwide. While other digital assets boosted, XRP is one of the cryptocurrencies that did not do well. The improvement in the performance happened in April, but it only boosted few cents. The price has been going up and down until May 2021.

The MA or Moving Average broke the daily chart with less support from the 200 Simple Moving Average or SMA. However, the moving average broke in June, while the 20 SMA moved as a resistance, which pushed the price downward.

XRP Struggles to Bounce Back This Week Can This Crypto Make It
XRP experiences a rally after dropping from $1.50, yet traders still expect more.

After the bullish reversal, XRP finally got back from its feet. It moved the MA further after the 200-daily, which gave resistance for some time. The improvement happened when the US SEC or the United States Securities and Exchange Commission went crazy over the case against Ripple.

The trading price of XRP had a hard time pushing higher, continuing its comeback last month. The pair stopped increasing in the middle of August. It made it up to $1.50 recently. Then it dropped to $1.30. Now, it’s trading (https://uk.investing.com/news/cryptocurrency-news/xrp-falls-1018-in-rout-2452088) for around $1.06. It’s getting lower, and it’s close to the support level now. The analyst anticipates a bounce off with this performance. Despite the ups and downs, this crypto still targets to hit the predicted price of $20 to 30 once it passes $3.40. Traders are monitoring the performance of this cryptocurrency, and most are still expecting a higher trading price.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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