Ripple XRP’s Possible Recovery Remain Intriguing, Says Analysis

Ripple’s native coin XRP has failed to break the barrier $0.50 and move past it to develop an upside momentum. Despite multiple tries in the past few days, the cryptocurrency has repeatedly failed to get past this target and bounced back and forth to the $0.45 range. Regardless, analysts are still intrigued by the XRP.

XRP/USD traders almost reached the $0.50 resistance level as the market opened. However, they failed to hold the ground, and the price of the token quickly fell back to $0.45. 

Despite this failure, the community still sees this as a plus as the Ripple XRP has stayed mostly unchanged in both since the beginning of the day and on a day-to-day basis. Amidst numerous lawsuits from the United States Securities and Exchange Commission and uncertainties on its classification, remaining at this range is the best the community could hope for.

Caption: Ripple XRP remains at desirable levels amidst uncertainties and lawsuits

Caption: Ripple XRP remains at desirable levels amidst uncertainties and lawsuits

Analysts, however, have speculated that the XRP’s recovery towards $0.50 is intriguing. An initial break past this barrier could significantly propel the price of the coin. They noted that the crypto’s daily high of $0.48, once passed, could be the only hurdle keeping it at this level. 

However, the short-term trend remains with the XRP bulls with the technical indicator’s support where the RSI (14) is nearing above the 50-level. This builds consistency for the recently observed recovery from its crash a few months ago. 

The analysis also says that a break past $0.55 and $0.60 levels will push XRP’s price over $0.65. On the other hand, if it fails to push above these resistances, it might break below the channel and lead towards the supports at $0.35, $0.30, and $0.25, respectively. 

Against Bitcoin, the pair is consolidating on the downside and is moving below the 9-day and 21-day averages. However, the bulls from this trading pair have failed to push the price above moving averages.

Show More

Jamie West

Jamie is an XRP veteran & keeps his finger on the pulse when it comes to all things crypto.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button