- XRP has risen from the fall and is gaining a bullish momentum back again
- The 7th ranked token by market cap is getting an upward thrust after the fall it has experienced on October 27th
- CMP of Ripple is hanging in between its 24-hour low/high prices
Ripple has made a subtle comeback, with its current price staying near the $1.6 mark. The token with 1.91% of market dominance wasn’t able to climb up and stayed monotonous on the chart. Experts say that the recent dip may help Ripple to bounce back to its weekly high position. The XRP/BTC pair hasn’t seen any major change in its value. However, the XRP/ETH pair has seen a significant descent during the intraday session, by over 3.5%. There has been a sighting of an inverted cup and handle pattern, which justifies the decrease in its price. However, that pattern got followed by the ascending scallop, which made the valuation of XRP go up and stay in the continuous trend.
In the 30-minutes time frame chart, the current price is trading very close to major daily MA lines. The token is trading above the 50 and 100 MA lines, which is a sign of bullish force. Also, Ripple may break the resistance maintained by the 200 MA line in some days. In terms of volume, there hasn’t been much traffic after the latest dip and rise of XRP, but the 24-hour volume got reduced by 24%. This may be a big decrease in volume for 24-hours but is nowhere considerable for a long-term period as the investors can make another reversal happen.
Oscillators indicate neutrality for Ripple
As for the oscillators, they indicate that Ripple is going to stay in the neutral zone. The RSI value stays neutral after observing high volatility due to extreme variations in the value suggesting an extremely overbought zone and an extremely oversold zone, simultaneously. As for MACD, the lines stayed below 0 for quite a while. The MACD line is finally trying to climb upward, intersecting signal lines along the way. Still, the indicator is playing safe and calling a no-buy and no-sell position. Resistance is drawn at $1.09650 and $1.15775 and support levels are at $0.92058 and $0.9823.
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Conclusion- XRP is currently not leaving its position either to go up or down and may be indicating a stable recovery zone. One can expect the token to climb up steadily in the near future. Nonetheless, every investor should treat research and analyses of any asset as a responsibility and invest in it carefully.
Resistance- $1.09650 and $1.15775
Support- $0.92058 and $0.9823
