The XRP price after suffering a 40% drop amid the May crash, failed to reignite a recovery phase. And hence continued to trade in between the $0.37 and $0.44 price zone awaiting a greater push that may drag out of the consolidation. However, the asset is still swinging very close to the yearly lows and hence the possibility of the price draining to the lower support emerges.
XRP Price Analysis for Long Term
- The XRP price after a steep drop and a consolidation within a parallel channel appears to maintain its trend within a descending triangle
- The price is now at the apex of the consolidation and a notable upswing may eventually rise the price above $0.4144 but only for a short time
- The bears are expected to drag the price down to the current levels around $0.37 and again flip from the lower support to regain its levels above $0.4
- However, the price may find itself in a decisive phase then where-in a significant upswing may uplift the price above $0.48 or else a drop could the price below $0.35.
Technical Analysis of XRP Price for Short-Term
|Relative Strength Index(RSI)||60.65||Neutral|
|Average True Range(ATR)||0.0027||Neutral|
|Average Directional Index(ADX)||29.91||Neutral|
|Moving Average (MA) -50||$0.3950|
|Moving Average (MA)-200||$0.3990|
The XRP price in the short term is somewhat bullish as a couple of indicators are pointing towards a buy signal. On the other hand, the majority of them are either bearish or neutral. Therefore, the possibility of a short-term plunge may be hovering over the XRP price rally after a notable upswing in the past couple of days.