XRP token is not new in the current setup of cryptocurrencies. XRP blooming despite strong centralized ties, the rewarding and price balancing acts result from using Ripple’s network to breach the curves. The market capitalization for XRP has reached $19 billion, with a mere 50% of token liquidation showcasing a higher control of the rewarding authorities and token utilization in real time.
XRP is down by 56% yearly while hitting a huge downtrend in the last thirty days. The resistances for XRP are steadily based on the moving average, and a major breakout is expected after the results of the SEC lawsuit come to light.
XRP price action witnessed a dramatic turn of events as the token pumped significantly from its lows of September 2022 within a fortnight. Retracing back to the same level after a month-long battle to breach $0.55.
Followed by the breakdown to the support levels, a buying streak was witnessed, but it has so far failed to suppress the 200 EMA curve. Will XRP surpass 200 EMA? Read our XRP forecast to know!
XRP’s momentum in the last few months showcases a consolidation rejection and consolidation followed by a breakout pattern. This pattern indicates a long-fought battle between buyers and sellers before either of the parties quits the trend. The breakdown from the lower bands of $0.45 pushed XRP back to the $0.31 level.
The movement since taking support from $0.30 has been a narrow consolidation which is at the perfect juncture for a breakout in either up or down. Considering the momentum so far, the price action is expected to move up and beyond the $0.45 mark in recent days.
A positive outcome should be expected from XRP only if the token can move ahead of the 200 EMA curve. This moving average has been strong support and bounced back level over the last three months.
Hence, buyers should wait for a trend breakout over 200 EMA before making a fresh entry. The support for XRP in the daily candlestick pattern is placed at $0.30, and the resistance at $0.53. RSI has been trading in a neutral zone, while MACD adds to the sentiment showcasing an ideal setup for the token to consolidate for the breakout.
On weekly charts, the XRP token showcases signs of improvement with two back-to-back candles of the uptrend. The immediate resistance for this momentum is $0.39, followed by the $0.53 level, while breaching the strong resistance would add to the price action movement. While RSI showcases an upside movement with strong buying, MACD still indicates a possible bearish crossover pattern.