Ripple (XRP) Fails To Hit Double-digit Gain, What Could Be Wrong?
Ripple (XRP) has had a tough time producing double-digit gains against tether (USDT) as prices continue to range with little or no movement in recent times. The crypto market in its early days saw prices of altcoins surge as most coins rallied with considerable price gains, but that can not be said of Ripple (XRP). (Data from Binance)
Ripple (XRP) Price Analysis On The Weekly Chart
The price of XRP has had a tough time maintaining the bullish momentum it has shown in recent months as the price was rejected from the $1.9 area acting supply zone for most sellers.
XRP has since struggled to discover the bullish momentum it experienced, despite being a fundamentally strong coin with the growing sentiment on its movement. Still, XRP has found a price ranging from $0.3 to $0.38.
The price of XRP on the weekly chart needs to break out of the range channel it has formed for its price to have a real chance of trending higher. The upper band of the channel at $0.38 continues to act as a resistance to the XRP price preventing a major movement to the upside of the chart.
XRP’s price needs to break above this region for its price to trend higher to $0.42 and possibly $0.55. The price of XRP must break and hold above this range channel for a better chance to trade higher. If the price of XRP breaks out with good volume, we could see the price going higher; should the price of XRP fails, we could have a retest of $0.3 as a good demand zone for price sell-off.
Weekly resistance for the price of XRP – $0.38-$0.42.
Weekly support for the price of XRP – $0.3.
Price Analysis Of XRP On The Daily (1D) Chart
The daily timeframe for XRP prices looks choppy as prices continue to range with little volume to break out of this range. The price of XRP failed to hold its major support at $0.5 as the price flipped this support into a resistance leaving the price of XRP to have a free fall to a region of $0.3.
After seeing a low of $0.3, the price of XRP bounced from that region, acting as a strong support and demand zone for major market players. The price of XRP tried holding above the 50 Exponential Moving Average (EMA) but saw its price rejected from that region as support. The price of $0.36, which corresponds to the 50 EMA value, is acting as resistance for the price of XRP.
On the daily timeframe, the price of XRP is currently trading at $0.33, rejected below the 50 EMA. The price of XRP needs to flip the 50 EMA to assume a strong bullish 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 price of XRP reclaim the 50 EMA acting as resistance for prices.