XRP’s price is currently at $2.14, experiencing a 1.1% drop in the last 24 hours. With a market cap of $123 billion, it ranks fourth behind tether (USDT) and has a global trade volume of $5 billion. Throughout the day, it has been fluctuating between $2.13 and $2.23.
Looking at the daily chart, XRP seems to be taking a break after reaching $2.90 earlier this month. The relative strength index (RSI) is currently at 48.99, indicating a balanced market with no dominant buyers or sellers. Both the Momentum and the moving average convergence divergence (MACD) are showing bearish trends, with Momentum giving a sell signal at -0.42651 and MACD at 0.08410. The trading volume is decreasing, suggesting a quiet market. The support level is around $2.10, while resistance is seen between $2.40 and $2.50.
On the 4-hour chart, XRP is experiencing short-term downward movement, with lower highs and lows after failing to surpass $2.35. The exponential moving average (EMA-10) and simple moving average (SMA-10) are both displaying bearish signals at $2.25029 and $2.24311. Support can be found between $2.12 and $2.15, while resistance is seen at $2.25 to $2.30. Scalpers might identify an opportunity near $2.15, aiming for $2.25, but caution is advised due to the market’s current conditions.
The 1-hour chart shows XRP is stuck in a rut, with resistance at $2.18 to $2.20 and support at $2.12. Low trading volume indicates caution in the market. The awesome oscillator is hovering around 0.05520, while both the EMA (20) at $2.23286 and SMA (20) at $2.33407 are leaning towards bearishness. If the price surpasses $2.20, it could target $2.30, but this depends on the volume.
Oscillators are mostly signaling a neutral to bearish sentiment, with the commodity channel index (CCI) at -107.40505 and Stochastic at 30.90697. However, the simple moving average (SMA-50) at $1.79919 and exponential moving average (EMA-50) at $1.87019 are still supporting bullish sentiment. In the long term, the EMA (200) at $1.07240 suggests a positive outlook.
Overall, XRP’s price action indicates a cautious market, with traders waiting for the next significant move. Risk management is crucial during this period of calm before the storm, or vice versa.
Bull Verdict: XRP’s long-term moving averages, such as the exponential moving average (EMA) (200) at $1.07240, remain bullish, suggesting a broader upward trend. If the price successfully breaks resistance at $2.20 with strong volume, it could target $2.30 and potentially retest $2.40, indicating a continuation of the recovery trend from earlier this month.
Bear Verdict: Short-term indicators, including the moving average convergence divergence (MACD) at 0.08410 and the momentum (10) at -0.42651, indicate bearish pressure. The lack of trading volume and repeated failures to surpass $2.20 highlight selling dominance. If XRP falls below $2.12, it may test critical support at $2.10, potentially leading to further declines.
