Ripple’s (XRP) price move sideways with no meaningful price action on Tuesday. XRP price has been consolidating near the crucial support level. However, bulls need to exhibit strong conviction to maintain the current price action.
- Ripple (XRP) price trade in a tight range in the U.S. session.
- XRP could dive 20% from the current levels if breaks below $0.65.
- U.S stock indices slip as Russia-Ukraine tension intensifies.
At the press time, XRP/USD is trading at $0.69%, down 0.85% for the day. The sixth-largest cryptocurrency by market cap has a 24-hour trading volume of $4,137,133,248 as per the CoinMarektCap.
XRP the native coin of Ripple Network helps facilitate transactions on the RippleNet platform. Further, the prolonged court case with SEC is about to reach a conclusion that is anticipated to come out in favor of Ripple. But Ripple remained unfazed by the news.
XRP prepares for another leg down
On the daily chart, Ripple’s (XRP) price has been on the continuous downside momentum since November 10 after hitting all-time highs of $1.34. After consolidating near the January lows of $0.55.
The price action repeats the historically technical pattern as XRP bounced back from the lows of December 6 with an ascent of 35%. On the same line, after a descent of 45% in late January the price rallied another 30%.
Now, if the price slips below the session’s low then it would retest the lows of January.
On the other hand, a spike in the buying orders could push the price toward the previous day’s highs of $0.80.Next, market participants would aim for the 200-EMA (Exponential Moving Average) at $0.86.
RSI: The Daily Relative Strenght Index (RSI) trades at 42 after it sliced below the midline on February 16.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with receding upside momentum.
- Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
- This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
- Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy
- Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
- Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why
- Terra Ecosystem Announces Some Key Amendments to Its Revival Plan
- Breaking: Stablecoin Tether ($USDT) Reveals Reserves Fully Backed In New Report
- LUNA Crash: Blockchain Firm Losses $3.5 Billion As Terra (LUNA) Crumbles
- SWIFT Plans To Interlink All CBDCs, Here’s Why
- Breaking: Ripple (XRP) Throws In $100 Million To Cut Down Carbon Emission
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- 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