- The bulls keep XRP from tanking below its opening weekly market price of $0.346
- XRP tested the 200-day MA with sideways movement in June, it is repeating the same trajecting at present.
- The 200-day MA is acting as the immediate resistance to XRP, if the bulls push it could break through.
XRP opened the market for the week with its price at $0.346 and it has been mostly trading in the green zone during the week. The bulls have been able to keep XRP from tanking below its opening market price. Although during the first four days of the week XRP was constricted to fluctuating within the $0.345-$0.355 range, it broke this range on December 26, as shown in the chart below.
The coin started fluctuating with more amplitude. And, it was during the second half of the past week that XRP hit a maximum price of $0.3719. However, after fluctuating in the high range between $0.360 -$0.370, XRP plunged to the $0.355-$0.360 range. Currently, XRP is trading at $0.344 and it is down 4.00% in the last 24 hours.
While considering the chart below, XRP tested the 200-day MA with its horizontal movement back in June (denoted by circles in the chart). Instantly, after touching the 200-day MA XRP fell and started fluctuating in a bearish rising wedge (grey lines).
Currently, XRP is traversing the same path that it took back in June. After testing the 200-day MA horizontally on multiple occasions, XRP prices have fallen just like in June. Now XRP is trading in a bearish rising wedge.
Interestingly, XRP touched the 200-day MA on both occasions at $0.4115. Now that the token is in a bearish rising wedge the prices could fall down. The Relative Strength Index is currently at 37.16, depicting the market is saturated. As such, the bulls will have to exert pressure to drive the XRP up.
If the bulls succeed, then XRP could hit Resistance 1 ($0.55) after breaking through the 200-day MA, the immediate resistance. Contrastingly if the prevalent bearish trend continues, then XRP could tank to Support 1 ($0.300).
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