Analysis

XRP remains range-bound as market turns green:Technical Analysis

XRP

Well, after three days of consolidation, the cryptocurrency market is moving upwards and a further $5 billion has been added back into crypto assets as the altcoins lead the rally pushing the market cap back to the $180 billion mark. At the time of print, the total market cap of the crypto industry stands at $175 billion. The leader of the pack, Bitcoin has spent nearly a week hovering around the $5000 mark and at the time of writing, the coin is trading at $5154.06. The sentiment for Bitcoin is still bullish but many analysts are of the view that correction will take place and are predicting a larger retreat for the coin. Etherum is also moving upwards as it reaches the $170 mark and 1.24 percent gain in the past 24 hrs has pushed the volume above the $5 billion mark. At the time of press, the top 10 coins are all green and showing signs of resurgence. Currently, Ripple’s XRP is trading at $0.326628, up by nearly 0.14 percent. XRP is the thirds largest coin in terms of market cap and at the time of print, the total market cap of XRP is $13.6 billion.

XRP/USD

At the time of print, the coin has found support at $0.33080 and the coin is trading just below it at $0.32478. Last week, in the bullish trend zone, the bulls tested the $0.37 and were resisted. Currently, the crypto’s price is below the EMAs, which suggests that the price is likely to fall. The key resistance level for the coin stands at $0.32954 and the coin is all set to breach it. If the bulls fail to breach the key resistance at $0.34, then the crypto will resume its range-bound movement between $0.27 and $0.34. The hourly RSI indicator stand at 39.5454 and the coin is fast approaching the oversold territory. The MACD shows that the coin is in the bullish zone and the 100 EMA line shows an uptrend.

XRP/BTC

At the time of print, the digital asset is down by 1.11 percent and is trading at 0.00006337 BTC.

Latest Updates

  • In an important development last month, Federal Bank of India announced that it has partnered with Ripple to utilize the global remittances payment system. The partnership comes at a time when Ripple is vigorously searching for partnerships, especially with traditional financial institutions. The partnership will help the Federal Bank of India grow its already existing blockchain technology products.
  • Earlier this month, Switzerland’s main exchange SIX announced that it would launch an ETP based on Ripple’s native coin, XRP. Hany Rashwan, co-founder and CEO of the Amun AG, the crypto startup, said that the company had got approval from SIX to list the XRP based ETP under the ticker AXRP.

Image: Shutterstock

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top