Ripple (XRP) price today’s current price action indicates indecision among investors. XRP is trading in a very tight range of $0.76-$0.78. It appears that the asset is waiting for a confirmation to set further directional bets.
- Ripple’s (XRP) price trades sideways on Thursday.
- XRP is expected to Jump toward $200 EMA at $0.85.
- Altcoin surged 45% from February lows of $0.62.
XRP price awaits symmetrical triangle formation breakout
Ripple (XRP) is facing stiff resistance near the critical $0.80 mark as the price is not able to give a decisive close above the mentioned level. However, the downside is capped at around $0.75 thus contributing to the sideways price action.
The On-Balance-Volume (OBV) indicator, tells about an asset’s total running volume. Looking at the indicator reveals volume is moving higher in correspondence to the upside price movement.
RSI: The daily Relative Strength Index (RSI) is trading flat at 51 above the average line. Any uptick in the indicator will push the price above the consolidated range.
MACD: The Moving Average Convergence Divergence (MACD) hovers above midline with a bullish bias.
Furthermore, XRP on the daily chart forms a ‘Symmetrical triangle’, with above indicators readings there is a high probability of an upper breakout with the immediate target at crucial 200-day Exponential Moving Average (EMA) at $0.85.
An acceptance above the mentioned moving average will see December 27 highs at $0.95.
As of publication time, ETH/USD is trading at $0.77, up 0.11% for the day. The 24-hour trading volume of the sixth-largest cryptocurrency by market cap is down by 23% at $2,122,299,636.
Talking about another possibility, a failure to sustain the session’s low will invalidate the bullish thesis for the pair. XRP could test $0.71 on the downswing.
A fresh round of selling would be initiated if the price breaks below the reliable support placed at $0.70.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/ripple-xrp-price-prediction-xrp-set-to-jump-toward-200-ema-time-for-long-positions/