XRP Price remains lackluster, and trades are in a very limited range, confirming a lack of interest among investors.
Despite the whales buying $299 million worth of coins in a single day, the price failed to convert into a bullish price action. As of writing, XRP/USD is exchanging hands at $0.52, marginally up at $0.07% for the day.
In the latest development, Ripple is also reported to sell 400 million XRP tokens this month. The move is to align the XRP’s holding, market operations, and price volatility.
Technically speaking, XRP/USD is trading inside a short-term consolidation. Where the downside is capped near $0.48 and the upside seems limited near $0.54. Currently, the price is struggling near the critical trading area of $0.52. This is a key psychological zone, which acts as a resistance zone now reversing from the role of the support area. After making the high of $0.74, the price depreciated nearly 46% in April.
Since April, the XRP price has been struggling to gain any meaningful traction. The formation of the “ Symmetrical Triangle,” a neutral technical formation, indicates waning traders’ interest. Inside the triangle formation, the lows have been slanting higher since April 13, and the highs are decreasing in a tight range.
Technical indicators:
RSI (14): The momentum oscillator Relative Strength Index (RSI) reads 48. This also confirms the ongoing tussle between bulls and bears. Any shift in the momentum could result in the upside breakout of the price pattern.
MACD: MACD (Moving Average Convergence Divergence), another oscillator held near the central line. This again shows a lack of directional conviction among traders.
Support and Resistance
If the bulls win the battle then the first resistance shall meet at $0.56, moving further toward $0.61.
On the other hand, the support of the XRP price is lying around the bearish trendline of the symmetrical triangle at $0.50. A break below this level will open the gates for $0.46.
In the end, it should be advisable for the traders to wait for the confirmation or the breakout of the price pattern before taking any directional bets.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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