Ripple Price Prediction: XRP Price Tests Ascending Trend Line; Time To Enter?

Rekha chauhan
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XRP coin

XRP price edges higher after a three-day sell-off. The price uptrend remains steady since January 24, however, a ‘double top’ formation near $0.91 weighed on bullish sentiments. XRP breaches critical moving averages, hinting at a bearish outlook.

  • XRP price manages to trade higher on Thursday.
  • The price took support near the bullish slopping line a key point for quick recovery.
  • XRP remains depressed below the 200-day EMA and 50-day EMA.

As of press time, XRP/USD trades at $0.78, up 2.93% for the day. The 24-hour trading volume of the eight-largest cryptocurrency by the market contains $2,452,273,767 as per the CoinMarketCap.

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XRP price steadies before the next action

XRP price tested the critical support near $0.75 after tagging the swing highs of $0.91. This also coincides with the ‘double top’ pattern, which resulted in the current price retracement. Furthermore, the slippage below the 200-day and 50-day EMAs (Exponential Moving Average) at $0.83 and $0.79 respectively makes bears hopeful.

Source: Trading View

The XRP buyers test the ascending trend line multiple times, which is extending from the lows of $0.54. Earlier, the price witnessed an ascent of nearly 50% from the lows of $0.61. This time too, the bulls would be ready for another run-up with the same figure in mind.

However, moving higher XRP price would face the first upside hurdle at $0.81 followed by the horizontal resistance level at $0.85.

A sustained buying pressure and an acceptance above $0.90 could push the price beyond the $1.0 mark in a highly optimistic scenario.

On the flip side, a break of the mentioned trend line would invalidate the bullish outlook on the asset. In this case, the sellers would keep their eyes on the horizontal support level at $0.70.

Technical indicators:

Stochastic Oscillator: The range-bound indicator remains in the oversold zone, making an attempt to move higher. Any uptick in the indicator is a bullish sign.

MACD: The Moving Average Convergence Divergence retreating below the central line.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.