The six-month sideways trend in the price of XRP has formed a head and shoulder pattern.
selling pressure after forming a bearish spinning top pattern.
The XRP price is consolidating after a recent rally, indicating that it is picking up momentum for its next up leg. Investors have to be patient and wait for the XRP bulls to make their move.
The Bulls broke through the 20-day EMA yesterday but failed to hold it and slipped back below it. Today, XRP fell from the 20-day EMA ($0.345), but the bulls managed to defend the symmetrical triangle's support line.
The XRP/USDT pair has crossed the 20-day EMA, which might result in a tussle between bulls and bears. If the bulls win, the pair might rise to the triangle's resistance line. If the price falls below the 20-day EMA again, it indicates that bears are selling on relief rallies. This might increase the likelihood of a break below the triangle's support line.
As a result, the XRP hit a low of $0.3000 on January 2. The coin is now priced around $0.3440. This return of buying pressure is expected to bring the XRP price back to the $0.3600 barrier. In other cases, though, XRP bulls may be able to break over this barrier and return to the equal highs reached around $0.4000.
The XRP price must hold above $0.3000 in the near term to avoid further falls. The price has even risen above $0.3200. Finally, the price rose above $0.3400 and $0.3550. The price has made a high near $0.3605. Bears are active at $0.3600 levels, and we are seeing a slight decline in price. The price of XRP is presently trading below $0.3450 and the 50 hourly simple moving average.
The 4-hour XRP price analysis shows that an unexpected candle has formed. Both the Bulls and the Bears have been unable to grab the lead, and the price remains steady.
On the upside, the resistance level is $0.3520. The 61.80% Fib retracement level of the drop from the $0.3730 swing high to the $0.3000 low is nearing. The next significant resistance is located at $0.3600. The 78.60% Fib retracement level of the fall from the $0.3730 swing high to the $0.3000 low is approaching. The next significant roadblock is at $0.3730. A clean break over the $0.3730 and $0.3800 resistance levels would indicate the beginning of a fresh uptrend. In the aforementioned situation, the price might breach the $0.3950-$0.4000 mark.
If the XRP price fails to break over the $0.3520 resistance level, a downward correction is expected. On the downside, an initial support level is at $0.3400. The next significant support level is around $0.3320, below which the price may test the $0.3200 level. Any more losses might push the price towards the $0.3000 level, below which it could reach $0.2800 level.
Price Analysis estimates the XRP's market capitalization to be $17,410,012,777. The coin's 24-hour trading volume is around $680,014,747. The market capitalization of XRP has increased by 0.11%. During intraday trading, however, transaction volume decreased by 55.24%.
KEY LEVELS :
RESISTANCE LEVEL : $0.3520-$0.3650
SUPPORT LEVEL : $0.3350-$0.3250
For a long time, XRP has been trading at the bottom of the channel. Will the Bulls be able to gain the upper channel and grab the lead? Please leave a comment in the box.
