Ripple’s XRP is currently a hot topic for the industry. After the decline on 1st August, most of the top assets registered significant dips but XRP has been able to recoup its value at press time. The valuation dropped from $0.32 to $0.25 but at the moment, it was worth around $0.30.
With the market consolidating all around, XRP might be heading towards another positive breakout in the charts. CoinmarketCap indicated XRP’s market capitalization to be at $13.75 billion, with a trading volume of $2.3 billion over the past 24-hours.
XRP Daily Chart
A couple of positives can be taken from the above chart of XRP. Firstly, the token successfully moved past the resistance at $0.22 in the charts after a bullish Adam and Eve pattern was recognized in the market. An adam and eve chart pattern is a long-term shape that usually signifies the positive growth of a token. After moving past $0.22, the breach past $0.246 and $0.284 seemed like a formality for XRP.
However, after the recent collapse of 1st August, the rally was halted between the range of $0.284 and $0.340. At the time of writing, it seemed like XRP is probably going to stop at its current range but keeping an eye of the 50-day moving average, there is a possibility, the token is on its way above $0.340.
The chart exhibits the movement between 50-day Moving Average and 200-day Moving Average and considering 50-day MA moves above 200-day MA, a golden cross will be completed. The bullish momentum received from the golden cross might ignite XRP’s movement again, allowing the token to go above $0.340.
Now, according to the one-hour chart, XRP continues to face resistance at $0.325 as Fibonacci resistance is strong at this point. Direct support at $0.288 suggested that a move below this range will be considered bearish.
For XRP, it is important to maintain a price above the support, so that the current build-up towards the completion of the Golden Cross is not abrupted by a sudden drop in price.