Price Analysis

XRP Price Flipped Hard, On Track to its Targets, Will it Surge Above $0.5 or Drop Below $0.35?

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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Jun 6, 2022

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Highlights

    Ripple’s XRP price is trading within narrow channels, possessing the possibilities of a breakout, while the direction still remains misty

    The asset is expected to breakout above the initial resistance levels, yet the fear of a notable rejection still haunts the rally

The XRP price after suffering a 40% drop amid the May crash, failed to reignite a recovery phase. And hence continued to trade in between the $0.37 and $0.44 price zone awaiting a greater push that may drag out of the consolidation. However, the asset is still swinging very close to the yearly lows and hence the possibility of the price draining to the lower support emerges. 

XRP Price Analysis for Long Term

  • The XRP price after a steep drop and a consolidation within a parallel channel appears to maintain its trend within a descending triangle
  • The price is now at the apex of the consolidation and a notable upswing may eventually rise the price above $0.4144 but only for a short time
  • The bears are expected to drag the price down to the current levels around $0.37 and again flip from the lower support to regain its levels above $0.4
  • However, the price may find itself in a decisive phase then where-in a significant upswing may uplift the price above $0.48 or else a drop could the price below $0.35.

Also Read: Cardano (ADA) Price Edges Closer to a Massive Rally, Will ADA Price Hit $1 Now?

Technical Analysis of XRP Price for Short-Term

Technical Indicators

IndicatorsValueAction
Relative Strength Index(RSI)60.65Neutral
MACD0.0031Buy
Average True Range(ATR)0.0027Neutral
Average Directional Index(ADX)29.91Neutral

Pivot Levels

Pivot LevelsValue
Moving Average (MA) -50$0.3950
Moving Average (MA)-200$0.3990
Resistance$0.42
Support$0.37

The XRP price in the short term is somewhat bullish as a couple of indicators are pointing towards a buy signal. On the other hand, the majority of them are either bearish or neutral. Therefore, the possibility of a short-term plunge may be hovering over the XRP price rally after a notable upswing in the past couple of days.

Also Read: Massive Short Liquidations Fail to Uplift the Ethereum (ETH) Price Above $2000, Yet the Bullish Trend Seems Imminent!

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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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