XRP price treads water on Wednesday following the previous session’s consolidated moves. The price remains pressured below the $0.90 mark. Investors seek clarity before making the next decision.
- XRP consolidates below $0.90 for the second straight day.
- A decisive break below the 200-EMA could see a further downside at $0.80.
- The price surged nearly 45% from the lows of $0.62.
As of press time, XRP/USD trades at $0.86, up 0.24$ for the day. The 24-hour trading volume of the sixth-largest cryptocurrency stands at $2,023,096,843 as per the CoinMarketCap.
XRP price awaits a decisive breakout
On the daily chart, the XRP price is consolidating inside the ‘ascending triangle’ for more than a month. Currently, the price hovers near the lower trend line of the triangle, which also coincides with the critical 200-EMA (Exponential Moving Average) at $0.84.
The bulls lack the conviction to break the upper boundary of the ascending triangle. This can be seen since Monday the price remains pressured below $0.90. Now, a resurgence in the selling momentum would result in a downside breakout.
In that scenario, the XRP price would slice the 200-EMA at $0.84 with an eye on $0.80.
On the other hand, a shift in the bearish sentiment combined with the higher volumes would provide the need thrust in the price. On moving higher, the bulls will take out the highs of December 27 at $0.95 first followed by the psychological $1.0 level.
RSI: The daily Relative Strength Index trades above the average line with an upside bias.
MACD: The Moving Average Convergence Divergence remains neutral while trading above the mid-line.
- Just In: Latest Report On Tether’s Fund Reserves
- Crypto Proponent Outlines Catalysts For Bitcoin’s Next Bull Run, Time To Buy?
- Terra’s UST Causes A 20% Dump In DeFi Token Curve (CRV), Here’s How
- Can Tron Fill The Hole In DeFi Left By Terra?
- Terra Crash Causes Ripple Effect Among Crypto Startups, Here’s How
- Bitcoin (BTC) To Slip Further Below $29K Today, Where’s The Bottom?
- LUNA, UST Volatility Spikes As Voting On Terra Fork Begins
- Panama Delays Legalizing Crypto On This Major Factor
- Big Investors in Terra LUNA Finally Break Silence, Here’s What They Have to Say
- Bitcoin (BTC) Tanks Under $29,000 After A Classic Bull Trap, Still More Pain Left?
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?