Is Ripple’s Coin Bouncing Back? 

Crypto analytics firm Santiment tweeted recently that XRP and ADA are cryptocurrencies that have a good chance of bouncing back soon. Even though the market is unstable, Santiment’s data-based analysis indicates positive prospects for these digital assets. However, this indicates a rising curiosity and involvement among investors.

The XRP has been on a downtrend for a long time, dropping from its peak levels and forming lower-low patterns. The coin’s price declined by -2.95% in the last 7 days.

Ripple (XRP) has been falling from higher levels for a very long time by making lower low levels and lower low swings but has recently taken a pause and is attempting to make higher highs by creating smaller swings which indicate the presence of buyers in the market but they still are not totally able to take over the markets.

XRP Technical Analysis

The price of XRP has slipped below 50-day and heading towards 200-day EMAs which shows the influence of sellers in the market. However,  if the sellers continue to drag the market lower, Ripple could suffer more decline and go into a downtrend. 

The RSI line has been trading around the oversold area. The RSI line is around 46.15. The 14 SMA has a value of 44.84 points indicating that the XRP market is heading toward an oversold zone.

At the time of publishing, MACD is giving bearish signals. The MACD line at  -0.00566 and signal line at -0.00494 is above the zero line, suggesting that the MACD is in negative territory and is giving negative signals as of now.

Volume Analysis:

The XRP trading volume is at $462923613 with a 53.50% rise in volume in the past 24 hours. There is a significant boost in the volume of the coin possibly because of positive news.

Technical Levels:

• Support – The current support level is $0.422.

• Resistance –The current resistance level is $0.542.

Conclusion

Based upon the current chart of XRP, the market has taken a pause after consecutively falling for a long time and is trying to sustain at the lower levels and creating support at the same area but is trading below the EMA’s resulting in bearish crossover and RSI also looks weak as it is sustaining below the level of 50 hence, the XRP is uncertain to trade until it breaks the support on the lower side or the 50-day Exponential moving average on the upper side.

Major trustworthy indicators like EMA, RSI, and MACD are giving bearish signals about the XRP coin. The current scenario requires traders and investors to be patient and look for a clear view before making any moves and avoid the fear of missing out to minimize losses.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not use this information as financial, investment, or as trading advice. Investing and trading in crypto is a risky task. Please consider your circumstances and risk profile before making any investment decisions.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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