Ripple [XRP], one of the most popular tokens, is a cryptocurrency that cannot be mined. In the past few years, the token has shown immense growth, and a number of deals have been struck with prominent firms.
According to the data from CoinMarketCap, the token rose to a high of $1.2574 today, with the lowest price being at $1.1893. The trading volume of the token rose by 1.82% and is currently at 5.7 billion USD. With a market dominance of 2.08%, XRP has achieved the 7th rank in the market.
The month of October ended with a 16.73% price surge as the coin rose by more than 6% the day before. Ripple has been collaborating with a lot of firms, trying to increase its influence. The firm is also looking to make a presence in the Middle East region.
Ripple [XRP] price analysis on the technical indicators
Ripple price analysis suggests that the price action is bullish in the long run since the price action remains above the 50-day and 100-day Moving Averages.
According to the position of the price action in the Bollinger Bands, we witnessed a breakout from the upper end the day before while the price action remained outside the Bands.
The RSI indicator suggests that the XRP/USDT pair is above the 60-level, but the gradient is negative. This means that in the short term, we will see lower prices as the selling pressure increases. However, the price action remains in the bullish region.
The MACD indicator shows that the MACD line (blue) just crossed above the signal (orange) line, which is called a bullish divergence. This will further lead to higher prices in the near future.
The Ripple price analysis will be concluded on a bullish note overall as the indicators are still bullish. With a number of partnerships lined up for the firm, an optimistic future can be expected. This might be a good time to hold the tokens you have and sell at higher prices.