XRP, at the time of penning down this article, was trading at $0.210 on Bitfinex. At the time of writing, we rightly analyze the downtrend that is faced by the coin as it nears the formed support of around $0.20. It also lacks steady support from the short and medium-term moving averages as it breaks through the uptrend. However, if we take into consideration the growth of Bitcoin and its persistent trade above $8,000, we can rightly expect XRP price to take an uptrend.
XRP Price Analysis
Analyzing the XRP/USD movement on Bitfinex, we see that the coin experienced a downtrend after mounting at $0.225 in the previous week and forming a falling wedge. Later, it bottomed as close as $0.20 just to rise and face resistance at $0.219. The lower lows have been quite consistent as the candlesticks take a reversal on the hourly chart. Currently, the price of Ripple crypto is seen correcting downwards as it lacks momentum and support from the daily short-term moving averages. With this, we foresee moderate volatility in the upcoming days.
Technical Indicators
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The technical Indicators laid confirms the intraday dip of XRP as the coin breaks through the uptrend and seems to retest the support near $0.20. The MACD of the coin is seen sliding below the baseline and is seen overridden by the signal line.
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The RSI of the coin is at 41.69 and is seen sliding downsides towards the support at 30.
