Ripple (XRP) Price Analysis: XRP Struggles Below $0.62

04 Feb, 2022

Editor

Expertise : Cryptocurrency & Blockchain, Finance, Forex

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.

Read full bio

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.

XRP is on the verge of consolidation

On the daily chart, the pair has retreated 45% from the highs of $1.34 further testing the low level last seen in July at $0.55. The price could test the bearish slopping line in an attempt to continue with the current upside momentum. The first target could be found at the trend line of $0.65.

The Daily Relative Strength Index (RSI) trades at 33 with a bullish crossover, which is indicating that bulls are gaining strength to push the indicator higher.

Furthermore, the On Balance Volume (OBV) indicator also supports the current price movement. As it has started raising from the current levels.

Investors could attempt to meet the next demand zone at $0.87.

On the other hand, if the price breaks the low of $0.58 then it can test the low made in March at $0.42.

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.