XRP is demonstrating signs of stability as it emerges from its quiet weekend of trading. The momentum for XRP is still relatively low as investors look towards the key levels of resistance and support. A notable breakthrough at levels of $1.43 and $1.34 will indicate the start of the next bullish or bearish phase.
At press time, XRP is trading at $1.36. Its 24-hour volume is $2.26 billion, and the market capitalization of XRP is $83.06 billion, as shown on CoinMarketCap. Over the last 24 hours, the token has recorded a growth of around 2.14%.
XRP Shows Early Bullish Momentum
Crypto analyst CRYPTOWZRD talked about the technical analysis of XRP. He stated that there were low activities over the weekend, but that volatility is expected in the coming days. He added, “A move above $1.34 and then a pullback might be a trading opportunity in the near future. A breakout above $1.43 could be a signal of an emerging bullish trend.”
The weak and indecisive weekly candlestick indicated an uncertain token price trend. XRP/BTC also ended in an indecisive and slightly bearish tone in daily charts.
The price of token is likely influenced by Bitcoin dominance, and XRP/BTC is expected to rise to generate momentum in the token price. Token is supported at $1.30, and a strong reversal could propel the price to $1.55 and beyond.
XRP Monitors Intraday Price Moves
The intraday pattern of token is still moving in and out of $1.34, which is the support level. If it moves past that level with some sort of pullback, there could be selling opportunities. If it holds past $1.43, there could be more room for going long. Investors should be on the lookout for clear indications.
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XRP Technicals Show Weak Momentum
Currently, the RSI is at ~43, and this is lower than the neutral point of 50. The MA ribbon shows that there is pressure since the price is below the key averages.
The price is currently lower than the 20 SMA, which is at ~$1.41, and the 50 SMA, which is at ~$1.40. The current positions of the averages at $1.64 and $2.04 for the 100 and 200 SMAs, respectively, are indicative of a continued downtrend.
As for the MACD indicator, it is slightly negative, reading -0.02339. The signal line, meanwhile, is at -0.01442. The flat line near zero on the histogram, however, shows that selling pressure is lessening. It needs a strong positive crossover.
On the whole, XRP is currently consolidating around the support levels but still lacks any significant momentum. Short-term investors need to look out for the movements around $1.34, $1.43, and so on for a significant rally.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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