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XRP Price Analysis: Struggles To Extend Dip Amid Consolidation, Ripple Invests in NFT Marketplace, Mintable

XRP
  • XRP (XRP) had dipped to lows of $0.6289 during Friday trading
  • At the time of writing, XRP was trading at $0.6388, down by 3.44% on a 24-hour basis
  • Mintable plans to integrate with the XRPL

The crypto market continues to trade mixed while trying to grasp a direction. XRP (XRP) had dipped to lows of $0.6289 during Friday trading but had managed to bounce back slightly from the low. At the time of writing, XRP was trading at $0.6388, down by 3.44% on a 24-hour basis. Ranking 7th largest, XRP present market capitalization stands at $29.44 billion and $2.36 billion in traded volume over 24 hours. On July 1st, Ripple announced its investment in Mintable, an NFT marketplace that allows users to seamlessly create, buy, and sell digital items using fiat or cryptocurrency. On the same day, Mintable had announced $13 million in Series A funding to expand its platform support for more blockchains. To reach the next stage of growth, Mintable plans to integrate with the XRPL (XRP Ledger) so creators can efficiently sell their works.

Key Levels
Resistance Levels: $1.1460, $0.9000, $0.7376
Support Levels: $0.5450, $0.4799, $0.4000

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart

XRP/USD pivoted at the $0.47 mark on June 22 before appearing to have entered what seems like a sideways market. Resistance was met at around the $0.75 region, forcing the pair to reverse lower. XRP hit intraday lows at $0.6299 on Friday, in an extension of the previous day’s declines. The RSI is making efforts to improve from the 30 levels. If prices continue to head lower, support should come from the $0.62 barrier before continuing from stronger losses towards the $0.54 and $0.47 levels.

However, should an upside reversal take form, immediate resistance would likely come from the moving averages 50 and 200 around the $0.91 and $0.73 respectively. A break above these could propel the XRP/USD pair until the $1.29, while even higher could send prices to the $1.81 to $1.98 (yearly high) levels.

XRP/USD 4-Hour Chart: Ranging

XRP/USD 4-Hour Chart

XRP continues to oscillate around the MA 50 ($0.65) and needs to sustain above $0.73 to keep alive the chances of seeing gains beyond the MA 200 ($0.80) on the upside. Meanwhile, bears eye key support at $0.57, violation of which would risk extension towards the next key level at $0.50. The momentum indicators are pointing to a neutral to negative bias, with the RSI below the 50 marks.

In the event of an upside move beyond the MA 200 ($0.80), the $1.10 resistance could act as a barrier before being able to challenge the $1.27 then $1.70 level. A break above this level would shift the outlook to a bullish one as it could take the pair towards a $1.98 yearly high, achieved in April. To sum up, XRP/USD is consolidating and a break above the moving averages is necessary to shift the outlook first to neutral and then bullish.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock

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