The company behind XRP, Ripple Labs, continues to increase global brand awareness and adoption despite fierce competition. Ripple (XRP) has continued its positive move up from recent lows of $0.2300 initiated from the past month highs around $0.3275, having lost about 25% of its value since the yearly all-time high set. The market cap now stands $11.04 billion, with $1.88 billion in trading volume over the past 24 hours. Following the recent crypto bearish phase, XRP/USD rebounds from the correction zone around $0.2400 for further growth. XRP/USD has gone up slightly from $0.2380 to register an intraday high of $0.2491 at the time of this post. The XRP/USD pair is currently trading at the price level of $0.2475 and seeks to consolidate the price convergence zone at $0.2400 as support. Ripple (XRP) looks to outperform its top 3 peers as they remain numb at the traction of the market while approaching a decisive moment. The San Francisco-headquartered firm Ripple Labs has made serious efforts to push for a comprehensive regulatory framework for cryptos which will increase the market share for XRP.
*XRP/USD has gone up slightly from $0.2380 to register an intraday high of $0.2491 at the time of this post
*Following the recent crypto bearish phase XRP/USD rebounds from the correction zone around $0.2400 for further growth
*Ripple (XRP) looks to outperform its top 3 peers as they remain numb at the traction of the market while approaching a decisive moment
Resistance Levels: $0.3000, $0.2850, $0.2685
Support Levels: $0.2400, $0.2300, $0.2200
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
The price of XRP has bounced back from the crucial support at $0.2300 supported by an increasing trading volume. Furthermore, the RSI indicator is about to enter the bullish zone. If growth continues, there is a good chance of seeing the coin trading soon at around $0.2500 and beyond. Above the current price, the initial resistance level is at $0.2600, then the second at $0.2685 and the third one at $0.3000.
As of now XRP/USD is moving between the MA 50 and MA 200 and currently at $0.2475. A sustainable move below this region will increase the bearish pressure and bring $0.21 into focus. The support under is reinforced by the ascending trendline support and daily MA 200 that served as a backstop for the coin since the end of July.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
On the 4-hour time frame, the price has been trending horizontally for the last seven days and recently bounced from the 4 hour MA 50. This shows that the price is presently undervalued and it looks like XRP/USD is currently consolidating and getting ready for a breakout past the $0.2500.
While we expect this breakout to be bullish, the bears also can break below the $0.2400 near term support level and take the price down to the $0.2357 level. The XRP/USD pair is only bullish while trading above the $0.2600 level, key resistance is found at the $0.2685 and the $0.2850 levels. If the XRP/USD pair trades below the $0.2400, sellers may test the $0.2357 and $0.2300 support levels.
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