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

By Rekha chauhan
February 4, 2022 Updated February 4, 2022
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XRP Vs SEC
XRP vs SEC

Ripple’s (XRP) price has been moving higher on Friday extending the previous session’s gains. XRP has shown some bullish momentum preparing to test the key resistance area $0.65. As of press time, XRP/USD is trading at $0.61%, down 0.95% for the day.

  • Ripple’s (XRP) price depicts consolidated moves on Friday.
  • Immediate upside resistance is placed at $0.65.
  • The momentum oscillator warns of aggressive bets.

As per CoinMarketCap data, the 24-hour trading volume stands at $1,099,261792 down 14% . The current ranking is at 8, with a live market cap of $29,538,199,415.

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.

Source: Trading view

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.

 

 

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. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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