- The XRP price escaped the consolidation zone between $0.5351 and $0.4459.
- The 50-day EMA made a crossover with the 200-day EMA.
The XRP Ledger (XRP) is an open-source decentralized technology. It uses a wide variety of applications related to payments of micropayments, DeFi, and NFTs. XRP also uses a federated consensus mechanism for validating transactions which is confirmed through a consensus protocol.
Previous Performance of the XRP Coin
In July 2023, the XRP coin price made an impulsive bullish move to the $0.9380 resistance level. During this move, the price experienced an increase of almost 100% of its value from the $0.4066 support level. Subsequently, the price retested the $0.8576 resistance and fell near the same support level. The price consolidated for nearly two months between the $0.5351 and $0.4459 levels.
The XRP coin price gave a breakout of the $0.5351 level of the consolidation zone on October 23, 2023. Consequently, it retested the breakout and is currently moving impulsively toward the major resistance. The XRP coin has a current circulating supply of 53,560,508,378 XRP coins with a total market value of $32,498,892,302.
Technical Analysis and Price Prediction of the XRP Coin
The XRP coin price is moving above the 50-day and the 200-day EMAs, indicating a strong bullish trend. Recently, the price observed an increase of 15% after a bullish crossover between both the EMAs. The 50-day EMA is at $0.5318 while the 200-day is at $0.5215.
At press time, the XRP coin price is trading at $0.6040 after the retest of the $0.5351 level. The price is facing resistance from the $0.6268 level. As per the price action, it may take support on the $0.5696 level after which it will go for the $0.6662 resistance. In the last few trading sessions, it made some green bullish candles from the upper consolidation range of $0.5351. This signifies the interest of the crypto buyers.
Moreover, the relative strength index (RSI) has shown bullish divergence since mid-September. This indicates the active presence of buyers in the current market phase. The RSI is sloping at 75.41 above the 70-mark upper band.
Conclusion
In summary, the XRP price has been on a sustained uptrend over an extended period. The price retraced from the demand zone, indicating the presence of active orders at that level. More recently, it has broken out positively from a consolidation range. Consequently, the price prediction for XRP is bullish. Currently, it is approaching the $0.6268 resistance. If it successfully breaks through the $0.6662 resistance, there’s potential for it to ascend to the $0.8261 resistance level. However, for a bearish scenario, it would need to close below the $0.4459 support level.
Technical Levels
- Resistance levels: $0.662 and $0.8576
- Support levels: $0.4459 and $0.4066
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.