- XRP price is slowing down after several days as the price remains bullish despite showing weakness.
- XRP is trading above the 50 and 200-day exponential moving averages as the price struggles to recover bullish signals as bearish divergence emerges.
- XRP price continues to hold and could retest the $0.42 support.
Ripple (XRP) price continues to maintain its strength as the price aims to maintain its bullish movement against the rope (USDT). Ripple (XRP) and other crypto assets have enjoyed a rebound in the past weeks that have seen cryptocurrency market capitalization look good for cryptocurrencies across the industry, with many posting double-digit gains. XRP gained the most attention as the price moved very aggressively. (data from Binance)
Ripple (XRP) price analysis on the weekly chart
Despite having a rough time throughout the year as the price dropped to as low as $0.3 due to the combination of law XRP has been facing, the price has responded positively lately as the price has been staying strong for quite some time now.
After the price of XRP surged to an all-time high, the price had a hard time falling to a weekly low of $0.3, as the price settled strong after forming support, and this area looked like a price demand area.
XRP price rebounded from this area at $0.3 as the price climbed to a weekly high at $0.52 as the price encountered resistance to break higher as the price bounced back to $0.48.
XRP price looks good as its ascending structure is intact despite showing some weaknesses due to market uncertainty and bitcoin price retreating to a major support area. XRP price needs to hold above $0.42 to maintain its ascending structure, a break below this range means XRP price is retesting the $0.35-$0.3 low
XRP price weekly resistance – $0.6.
XRP price weekly support – $0.42.
XRP Price Analysis on the Daily (1D) Chart
In the daily time frame, XRP price continues to trade above the 50 and 200 exponential moving average (EMA) as the price remains strong despite the range as the price struggles to break above the $0.6 resistance. The $0.47 and $0.43 prices correspond to the prices at the 50 and 200 EMAs acting as resistance for XRP.
XRP price needs to hold $0.47 and $0.43 for the price to remain bullish and safe despite showing bearish divergence on the daily time frame; A dip below or below $0.43 could trigger a bounce back into the $0.35 region due to panic selling with investors and whales waiting for such an opportunity.
XRP price daily resistance – $0.55 – $0.6.
XRP price daily support – $0.43.
Featured Image From Crypto News, Charts From Tradingview Originally published at San Jose News Bulletin
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