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XRP price continues to make consolidative moves warning investors to wait for further confirmation. The price is near an inflection point that has the potential for massive gain for sidelined buyers. We advise investors to apply a cautious approach and keep a close watch on the token move to take advantage of the next price action, most probably on a higher side.
- XRP price consolidates in the very limited price action on Tuesday.
- A solid base extending from $0.55 to $0.60 would be a launching pad for the next leg-up.
- Oversold technical indicators tilt in the favor of the bulls.
XRP price trades sideways
On the daily chart, the XRP price has been consolidating in a short-term trading range of $0.65 and $0.91 since February 7. However, the price breached the range on April 25 the level last seen in late January. XRP price surged 65% to the swing highs of $0.91.
Currently, the price is consolidating waiting for either side to breakout. A sustained buying pressure near the bottoming formation around $0.60 could result in a bounce back to the horizontal resistance zone at $0.68. Further, the next round-up could be found at the critical 200-day EMA (Exponential Moving Average) at $0.80.
On the contrary, a break below the previous week’s lows of $0.56 would trigger a fresh round of selling in the asset. The sellers could collect the liquidity around $0.55 levels last seen in January.
The “Bollinger Band” lower line, is providing support to the price. Hence we can expect positive momentum in XRP.
The RSI is trading at 33, which stipulates the bullish outlook for further up move.
As of press time, the XRP/USD is trading at $0.61 up 0.37% for the day. The sixth-largest cryptocurrency is holding the 24-hour trading volume at $1,626,784,536.
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