Price Analysis

This is What You Can Expect From the Ripple’s XRP Price In The Next 24 Hours?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 4, 2022

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Highlights

    XRP price is on the verge to slide down below $0.6 which may drag the price below the crucial support at $0.58

    However, a small ray of hope points out towards a strong flip above the pivotal levels that may uplift the price above the danger zone

As the market turns out to be decisive every new day, many altcoins possess their undetermined behaviour. And hence the XRP price which is strongly holding the $0.6 area for the past 3 to 4 days may eventually slide down. Moreover, the bulls appear to get exhausted very soon which may drag the price close to the lower crucial support very soon.

XRP price in recent times has showcased fewer variations that failed to induce significant bullish momentum. It kept on trading within narrow ranges or else squeezed gains to slicing through the lower support. And currently, the asset is testing one of the pivotal levels which may decide the plan of action for the asset.

Also Read: February-April Bounce Was Just A Correction, A Larger Bearish Trend Awaits the Crypto Space!

xrp price
  • The XRP price as seen in the above chart maintained a significant descending trend and currently consolidating within a narrow range
  • The price is testing the 50-day MA levels for the past couple of days and is unable to clear these levels for a pretty long time
  • The first test at these levels resulted in a steep drop of more than 20%, the second time is slashed by nearly 5% and currently testing the third time 
  • A drop from these levels may ignite a descending trend below $0.6 initially to hit $0.58 levels. If failed to sustain here, the price may slide down to $0.55 too.
  • However, a small bullish divergence is seen as the RSI still maintains a notable uptrend which indicates a decent upswing may be fast approaching for the XRP price

Also Read: Amidst The FOMC Meeting Today, Bitcoin To Drop At $32k! Here Is Why?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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