- XRP is putting efforts into gaining bullish momentum after suffering from a downward curve in June and July.
- The token is staying on a continuous path with minimal ups and significant downs for a couple of days.
- The CMP is rallying near the one-month high price and halfway for the yearly all-time high value of the coin.
Ripple can be upholding its position after suffering a loss of approximately $1.5 after recording a 52-week high price of $1.96. Since then, the #7 ranked cryptocurrency gained positive momentum to get back at the $1 and above position. The XRP/BTC has gained an intraday profit of 3%, with a valuation of 0.00001777 BTC, followed by the XRP/ETH pair with the current price of 0.0002655 ETH after gaining over 0.6% during the intraday session.
There have been several instances of short-selling for the past few days as the investors feared for their portfolio during a minor dump. One can confirm after looking at the ‘three descending peaks’ pattern and then a subtle recovery, followed by three descending triangles. But Ripple has proven yet again that the climb is possible and has done probably every time after the bears acquired the charts. It is currently facing a rise in its market cap and trading volume by 1% and 16%, respectively. The Volume/Market cap comes out to be 0.06118.
In terms of moving averages, the 50 and 100-day MA lines are taking a downward turn after a wavy climb. However, the 200 MA curve happens to be climbing upwards, suggesting better days for the asset in the future.
ADVERTISEMENT
The MACD indicates a continuation of the current trend. The blue line of MACD is residing very far from the zero level and running neck-to-neck with the signal line, putting the token in a minor bear zone in the near future. RSI has a current value of 44.6 points, with a hint of XRP trying to break the neutral zone’s barrier and get into the overbought zone. The cryptic asset may suffer resistance at $1.13 and $1.148, and support between $1.074 and $1.092.
Conclusion- Ripple may suffer from a short-term bear force in the upcoming week but has the chance of stabilizing itself as it did in the past. Investors may consider a long-term investment plan for XRP but should also invest time and effort into research and careful analysis.
Support- $1.091 and $1.103
Resistance- $1.13 and $1.148
from WordPress https://ift.tt/3vMK6h7
via IFTTT
No comments:
Post a Comment