- The XRP crypto price consolidated between the $0.57 and $0.49 levels at press time.
- The technical indicators summary suggested a neutral perspective on the current trading sessions.
- 24-hour trading volume has reached $1.12 billion, with a decline of 30.24%.
Xrp Ledger (XRP) is an open-source, decentralized, and permissionless technology introduced in 2021. It features the first decentralized exchange (DEX) and offers low-cost transactions, speed, scalability, and inherent green attributes.
The native token, XRP, has been struggling to cross above the major supply zone since August 2023. It has reflected the consolidation phase to date.
Will the XRP Crypto Price be Able to Reclaim the $1.00 Mark?
In August 2023, the XRP crypto price faced negative remarks from the major supply zone that was created in April 2023. The crypto value dropped over 26% and entered a consolidation phase. Subsequently, the XRP price spent seven months in the consolidation phase, which reflects the fading interest of investors.
At present, the @whale_alert posted a tweet in X (formerly known as Twitter) about a wallet address where 21,640,000 #XRP (11,446,459 USD) has transferred to #Bitso. This could be a positive signal for other investors about the crypto price. However, in the current phase, both bears and bulls show equal strength.
Price Volatility & Social Dominance Analysis
The social buzz of the XRP crypto rose above 3.9% in early February 2024. That upsurge also reflected a positive rise in price. However, since mid-March 2024, the price has constantly declined along with social dominance, with an average coverage of 1% in the entire world.
The high price seems less volatile in the current session, social dominance is slowly declining, and the price is trading sideways.
Technical Analysis of the XRP Ledger (XRP/USD) Crypto
The key exponential moving averages (EMAs) had multiple crossovers with each other, reflecting the uncertainty in trend. The 50-day and 200-day EMAs have been acting as dynamic resistance for the price.
The XRP price broke below the $0.57 support level and dropped to the $0.42 key level. Subsequently, the price got a strong bullish reaction from the key level, resulting in a 34% upsurge to the $0.57 level. Since then, the buyers have been constantly trying to break above that level but didn’t reflect enough strength. The current market price is trading in a consolidation phase with both possibilities.
When writing, the relative strength index (RSI) showed an internal bullish divergence in the price momentum. That indicated the increasing strength of buyers in the current trading sessions. The RSI was moving at 51.90 above the SMA line.
Summary
For the past few months, the XRP crypto price has been experiencing a consolidation phase. The bears and bulls were equally dominating the crypto price at press time. The indicators summary also suggested neutrality in the current trading session. As per the market speculation, the current price held both possibilities.
Technical Levels
The immediate resistance for XRP was $0.57 at the time of writing, while the $0.42 level was the next support. An upsurge in price could be seen if it broke above the upper resistance level. Conversely, if the price dropped below the mentioned support level, it could lead to a price pullback to lower levels.
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 or stock comes with a risk of financial loss.