TL;DR Breakdown
- XRP/USD began the day at a low and is still 10% down Thursday’s high and 8% yesterday’s high.
- The price has been on a declining channel, shedding at least 3% of its value on the 24-hour chart.
- XRP traded a high of $0.44828 against the US dollar on the 24-hour chart.
- The coin could trade around the 50-day simple moving average of $0.42 against the US dollar.
XRP/USD’s highest price in the 1-month chart is $0.64817. The curve was however sharp and the stay around the top support faced a steep decline. This was around 22nd February, but since XRP could not maintain its momentum up there, the price plunged to $0.4118.
After which it almost crashed below its monthly low of $0.34361. A positive thing is that the coin has been on a gradual upswing since the beginning of March. Between the 29th February and 4th March, the coin corrected from $0.39529 to the present $0.46088.
A pattern that has already broken above the 20-day Exponential Moving Average (or EMA) of $0.467. On Thursday, the Ripple (XRP) broke its key overhead resistance of $0.50. A situation that has attracted lots of buying pressure.
XRP traded a high of $0.44828 against the US dollar on the 24-hour chart. The opening price of the day was $0.44426. Meanwhile, the coin witnessed a net change of $0.004999. Which represents a percentage change of 0.64%. The 24-Hour low stands at $0.44828.
Other notable XRP technicals include the 50-day SMA and the RSI. It turns out that XRP could trade around the 50-day simple moving average of $0.42 against the US dollar. This suggests the XRP/USD pair might drop to $0.359. Otherwise, recent price changes and a flattening 20-day exponential moving average could have the asset trading between $0.359 and $0.50. Which of course will take place for some days.
Another major factor affecting XRP price is MoneyGram’s decision to terminate the relationship with Ripple. The termination is likely to cause a downswing in the price of the digital asset. Investors are also growing aware of increasing Fed yields, which might inflate interest rates. Besides, high economic inflation is also imminent due to the scheduled stimulus package.
XRP/USD Price Movement in the Past 24-Hours
(Source: Tradeview )
Ripple began the day at a low and is still 10% down Thursday’s high and 8% yesterday’s high. The price has been on a declining channel, shedding at least 3% of its value on the 24-hour chart. But we understand XRP is also recovering its December fall, following the SEC’s announcement to investigate the coin. For a while now since the start of the year, XRP/USD has been relatively volatile.
Proponents can remain hopeful. Because the price could jumpstart a trendline if it goes above $0.50. The possible rally could drive XRP’s price towards $0.65. Yet you should note the bears are strongly advocating for a price below $0.359. In case the bears win, the price might dip towards $0.25.
XRP/USD 4-Hour Chart
(Source: TradingView)
XRP hit a 4-hour high of $0.47001 before crashing downwards to $0.45804. The coin is currently on an upward momentum towards the $0.50 key resistance and is now trading at $0.46471. This pattern also appears as bullish and the digital asset could be headed for a near-term full recovery. The bears are also hopeful the coin will retest the lower support of $0.3600 due to the prevailing crypto market volatility. However, a benchmark to watch out for remains last month’s high of $0.6488.
XRP/USD Price Prediction
XRP traders should expect bearish volatilities. The market structure for the coin is overwhelmed by several circumstances that are hard to ignore. Including the incoming treasury yield, legal issues around MoneyGram, and overall volatility of the altcoin market.
Conclusion
XRP is also facing investigations under the SEC. A situation that saw the coin delisted on Coinbase and a few other exchanges. Ripple announced the legal suit cost XRP users over $15 billion in the course of the past three months. Do you think XRP/USD pair is going to rise above its adversities and rise above the $0.50 resistance?
