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XRP Price Poised to Retrace! Is Price Action to $0.65 Imminent?

Highlights

    Ripple's XRP token is up more than 50% in the past two days.

    XRP price is Primed for Correction if Crucial Support Fail.

    XRP Trading Volume Exceeds $ 20 Billion.

The cryptocurrency market has been enduring a massive price reversal over the past few weeks. Many currencies suffered with heavy price emendations as the top currency Bitcoin was being liquidated in the many exchange platforms. XRP is one among those which is rallying hard to surpass the $0.50 levels.

XRP lost over 2% in the last 24 hours. The other currencies like ADA, UNI, LINK, XLM have also devastated up to 5% in the last 24 hours.

XRP Technical Analysis 

XRP Price analysis

XRP price has been encountering huge price variations over the last few weeks. It is currently in a consolidation phase as it is struggling to cross the $0.50 mark. It is currently hovering between $0.44 and $0.46. It has lost above 2% in the last 24 hours as the first CTO Jed McCaleb dumps 108.3 million XRP. Apart from this, XRP is still anticipated to hit the $1 mark.

XRP could pump to $0.60 by retesting at a resistance level at $0..50. The support levels are to be established at $0.40 and $0.45. The relative strength index lies at 49.46 which indicates the strong buy signal.

The MACD strongly indicates the bearish crossover and strong buy signal as the MACD line is about to intersect with the Signal line and the histograms are moving below the stable line and coloured red. 

The Parabolic SAR indicates the strong bearish divergence as the dots are plotted above the candlesticks. 

At a press time, the XRP price is $0.46 with a 24 hours trading volume of $3,192,190,462. It is down 2.21% in the last 24 hours. The current coinmarketcap rank is #7 with a market capitalization of $21,299,197,663.

Will XRP Price Hit $0.65 This Weekend?

The RSI is slowly climbing trend to the upper RSI boundary. Observing the RSI indicator as of late November just showed how high XRP price can go before selling pressure overwhelms the bulls. If this pattern is to be historically repeating, we should see XRP price escalate well beyond $0.65 in the week ahead.

On the other hand,  the historical chart of 2018 clearly shows that in which XRP price reached highs of almost $4 per token. The same pattern was seen in mid-2017 and at present. Thus,  rise to $0.65 expected by the weekend.

Also read : Ripple Price Analysis: Is XRP Price Ahead of a ‘2017 like’ Bull Run?

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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