•XRP/USD is currently priced at $0.38 and has increased by 0.95% over the past day
•The trading volumes have decreased by 8.64% over the past day
•The technical indicators suggest the asset undergoing a period of accumulation
Short Term View: Is the period consolidation over for XRP?
The XRP price today is $0.380936 USD with a 24-hour trading volume of $902,212,075 USD. XRP is up 0.95% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.0482 for the altcoin.
Currently, the asset is in a consolidation phase as Ripple Price is transacting above the 20,50 SMA on the four-hour chart. Moreover, the price showcases a sideways trend between the short-term SMA, projecting a contraption of trend momentum. A continuation of the uptrend could see XRP soar beyond the resistance level placed at $0.45. This could act as a catalyst for the asset to breach the resistance level placed further away at $0.50. However, the possibility of a drop towards the support level placed at $0.30 cannot be completely nullified but bulls currently appear to be pretty strong to withstand any plunge.
Long Term View for XRP
The RSI for XRP is hovering at 57.31 and is likely to continue heading upwards towards the overbought region, as the selling action intensifies in the market. The MACD indicator, on the other hand, struggles to sustain a bullish bias as is indicated by the presence of stagnant red bars on the daily chart. The saving grace for the investors remains that the MACD and signal lines continue to transact in the positive territory but it remains to be seen if the bulls can drag Ripple out of the period of dormancy.
Conclusion
Ripple is currently in a period of consolidation accumulation and the technical analysis calls for the investors to remain vigilant. The XRP price action confirmation will be the ultimate buying signal for traders hoping to ride the breakout rally.
Support: $0.30-$0.25
Resistance: $0.45-$0.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.