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XRP Consolidates Under $0.5: Is a Storm Coming?

• XRP has seen high volatility and turbulent price action since April.
• XRP is expected to remain within a range defined by the 100-day and 200-day moving averages in the medium term.
• The $0.55 zone holds significant psychological resistance, as it has repeatedly hindered XRP price movements in the past.

Overview

Ripple’s XRP has experienced turbulent price action and high volatility since early April, leaving traders uncertain about its future direction. However, analysts suggest that the price will continue to consolidate within a range defined by the 100-day and 200-day moving averages for some time. Furthermore, there is key resistance at the $0.55 level which may hinder further growth of XRP prices going forward.

XRP Price Technical Analysis

Taking a look at the daily chart, XRP’s price underwent a corrective consolidation phase, pulling back towards the 200-day moving average situated at $0.44 after failing to surpass the key resistance region of $0.55. On the 4-hour timeframe, there has been a decline in the price below mid-boundary of the channel followed by a retracement and pullback; however, after completing this pullback to broken level XRP failed to break above this critical zone indicating that sellers are still present in this market pushing prices lower again..

Key Support & Resistance Levels

The critical support levels for Ripple’s XRP include $0.4372 (200-day MA), while key resistance levels are set at $0.4828 (100-day MA) and $0