Could the XRP price movement be an example for the other major currencies to follow?
This analysis provides an overview of how Ripple’s XRP has fared and how it will behave from now on.
The cryptocurrency market has shown a rapid recovery in the past 2 days, followed by the growth of Bitcoin (BTC) up to $ 9,500. At the moment, some of the top 10 currencies are already in the red zone.
The strong growth in the cryptocurrency market has positively affected its market value, which rose $ 10 billion on the last day to its value now at $ 240.5 billion.
The relevant data for XRP are below.
- Name: XRP
- Ticker: XRP
- Market Value: $ 9558404061
- Price: $ 0.216672
- Volume (24h): US $ 3.389643442
- Change (24h): -2.54%
Relevant data at the time of writing.
Can bulls maintain continued growth up to $ 0.25?
XRP is the first currency in the list of the top 3 that has already started its correction after yesterday’s rally. The price of this cryptocurrency has dropped 2.17% in the last 24 hours. However, the increase over last week is 14%.
On the 4H chart, the current decline is considered a correction of strong growth, but not the start of a short-term bearish trend. The XRP continues to trade above the $ 0.21 level, confirming pressure from the bulls. In addition, the lines of the Bollinger Bands indicator are rising.
In short, buyers need ‘fuel’ to increase the rate. In this case, a more likely scenario is consolidation in the range of $ 0.2150 to $ 0.22 in the coming days.
Yesterday, the price of XRP broke through the resistance of the two-day EMA200 moving average and, at night, set the April high at $ 0.236. Today, an upward trend line advance is possible, but after the hype gradually subsides, the pair may return to the green upward aisle.
XRP is currently trading at $ 0.2159.