Home CryptocurrencyAnalysis Ripple (XRP) Can’t Make Double Digit Gains, What Could Be Wrong?

Ripple (XRP) Can’t Make Double Digit Gains, What Could Be Wrong?

by SuperiorInvest

Ripple (XRP) has had a tough time making double-digit gains against Tether (USDT) as prices have continued to move with little to no movement recently. The crypto market saw a rise in altcoin prices in its early days as most coins rallied with significant price gains, but the same cannot be said for Ripple (XRP). (Data from Binance)

Ripple (XRP) price analysis on weekly chart

XRP Weekly Price Chart | Source: XRPUSDT On Tradingview.com

XRP price has struggled to sustain the bullish momentum it has shown in recent months as the price has been rejected from the $1.9 bid area for most sellers.

XRP has since struggled to recover from the bullish momentum it experienced despite being a fundamentally strong coin with rising sentiment towards its movement. Still, XRP found a price ranging from $0.3 to $0.38.

The price of XRP on the weekly chart must break out range channel it was formed so that its price had a real chance to trend higher. The upper area of ​​the channel at $0.38 continues to act as resistance to the XRP price, preventing a major move upwards on the chart.

XRP price needs to break above this region to push its price to $0.42 and possibly $0.55. XRP price needs to break and hold above this range for a better chance of trading higher. If the XRP price breaks out with good volume, we could see the price rise; if the XRP price were to fail, we could retest $0.3 as a good demand zone to sell off the price.

Weekly resistance for XRP price – $0.38 – $0.42.

Weekly support for XRP price – $0.3.

XRP price analysis on a daily (1D) chart

XRP Daily Price Chart | Source: XRPUSDT On Tradingview.com

The daily time frame for XRP prices looks choppy as prices continue to move with little volume to break out of this range. XRP price failed to hold its major support at $0.5 as the price flipped this support into resistance and thus XRP price had a free fall to the $0.3 area.

After seeing a low of $0.3, the price of XRP rebounded from this region, acting as a strong support and demand zone for the major players in the market. XRP price tried to hold above the 50 exponential moving average (EMA), but its price rejected support from this region. The $0.36 price, which corresponds to the 50 EMA, acts as resistance for the XRP price.

On the daily time frame, XRP price is currently trading at $0.33, rejected below the 50 EMA. XRP price needs to break through the 50 EMA to assume a strong upward price movement.

The Relative Strength Index (RSI) for XRP is below 50 on the daily chart, indicating low buy order volume. With good order volume, we could see the XRP price regain the 50 EMA, which acts as price resistance.

Daily resistance for XRP price – $0.35 – $0.38.

Daily support for XRP price – $0.3.

Featured Image From zipmex, Charts From 

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