Ripple (XRP) Consolidates to Print a Base, Suggesting a 20% Move

  • Ripple has witnessed its price hovering near the support floor at $0.604 for around ten days.
  • Buying pressure resurgence near $0.604 might translate to a 20% upward rally to $0.757.
  • Nevertheless, violating the $0.604 barrier might trigger a 20% drop towards $0.518.

Ripple (XRP) suffered a massive crash as the altcoin market bled on 21 January. Though most assets have recovered from the downtrends, XRP lacks volatility as it prints a base.

Ripple Lacks Directional Trend

Ripple has had its price testing the barrier at $0.604 for about ten days without significant bias either way. Furthermore, the volatility appears to fade as the asset’s daily returns hover near 2 – 4%.

Meanwhile, the $0.604 mark remains vital in determining Ripple’s next. Buying momentum resurgence may be crucial in catalyzing a 20% upward move towards the daily supply territory, stretching between $0.757 and $0.807.

The 50-day SMA presence within the mentioned supply region at $0.773 means a high probability of upward moves capped within this value zone. Therefore, the cross-border transactions of crypto might gain 21%.

Though a rebound from the barrier at $0.604 might reveal a bullish picture, violating this support floor will mean a potential downswing. That can mean revisiting the foothold at $0.518 to collect sell-side liquidity beneath the mark. The 20% downtrend may mean an end of Ripple crashes, forming a base to support upside moves.

XRP/USD 4Hr Timeframe

The Stochastic and Relative Strength Index depicts a bullish divergence, meaning attractive price levels for individuals that need to execute long positions in the coming days. Meanwhile, XRP can hit $0.52 if it violates dependable support. That would represent another ‘buy’ opportunity before the asset heads lower.

Stochastic still tilts higher on the daily chart, confirming more upside momentum within the upcoming days. Nevertheless, the Stochastic and RSI heads lower in the 24hr char, indicating increasing selling interest. Market participants may have to monitor the indicators.

For now, the broad market moves will detect XRP’s directional trends. Maintaining the prevailing crypto bullishness will boast Ripple uptrends. Meanwhile, let’s wait for up-and-coming price reactions from the remittance crypto.

Related Posts