Ripple (XRP) Fails To Hit Double-digit Gain, What Could Be Wrong?
September 13 2022 - 01:37PM
NEWSBTC
Ripple (XRP) has had a tough time producing double-digit gains
against tether (USDT) as prices continue to range with little or no
movement in recent times. The crypto market in its early days saw
prices of altcoins surge as most coins rallied with considerable
price gains, but that can not be said of Ripple (XRP). (Data from
Binance) Related Reading: Chainlink Integrates New Tech, And It’s
Going Green – Healthy For LINK? Ripple (XRP) Price Analysis On The
Weekly Chart The price of XRP has had a tough time
maintaining the bullish momentum it has shown in recent months as
the price was rejected from the $1.9 area acting supply zone for
most sellers. XRP has since struggled to discover the bullish
momentum it experienced, despite being a fundamentally strong coin
with the growing sentiment on its movement. Still, XRP has found a
price ranging from $0.3 to $0.38. The price of XRP on the
weekly chart needs to break out of the range channel it has formed
for its price to have a real chance of trending higher. The upper
band of the channel at $0.38 continues to act as a resistance to
the XRP price preventing a major movement to the upside of the
chart. XRP’s price needs to break above this region for its price
to trend higher to $0.42 and possibly $0.55. The price of XRP must
break and hold above this range channel for a better chance to
trade higher. If the price of XRP breaks out with good volume, we
could see the price going higher; should the price of XRP fails, we
could have a retest of $0.3 as a good demand zone for price
sell-off. Weekly resistance for the price of XRP – $0.38-$0.42.
Weekly support for the price of XRP – $0.3. Price Analysis Of XRP
On The Daily (1D) Chart The daily timeframe for XRP prices looks
choppy as prices continue to range with little volume to break out
of this range. The price of XRP failed to hold its major support at
$0.5 as the price flipped this support into a resistance leaving
the price of XRP to have a free fall to a region of $0.3.
After seeing a low of $0.3, the price of XRP bounced from that
region, acting as a strong support and demand zone for major market
players. The price of XRP tried holding above the 50 Exponential
Moving Average (EMA) but saw its price rejected from that region as
support. The price of $0.36, which corresponds to the 50 EMA value,
is acting as resistance for the price of XRP. On the daily
timeframe, the price of XRP is currently trading at $0.33, rejected
below the 50 EMA. The price of XRP needs to flip the 50 EMA to
assume a strong bullish price movement. The Relative Strength
Index (RSI) for XRP is below 50 on the daily chart, indicating low
buy order volume. With good order volume, we could see the price of
XRP reclaim the 50 EMA acting as resistance for prices. Daily
resistance for the XRP price – $0.35-$0.38. Daily support for the
XRP price – $0.3. Related Reading: WATCH: Bitcoin Brutalized After
August CPI Data Release | BTCUSD September 13, 2022 Featured Image
From zipmex, Charts From
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
Ripple (COIN:XRPUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024