CRYPTO: How has XRP’s price fared?

How has XRP’s price fared?

As Ripple registers small wins in its case against the US Securities and Exchange Commission [SEC], the XRP market has been holding its own on the price charts. The digital asset has been holding on to the price level of $0.85 for a while now.

XRP 12-hour chart

Source: XRPUSD on TradingView

At the time of writing, XRP was trading at $0.8563 and it can be visible in the chart above that the asset was consolidating between $0.7993 and $0.1.05 since the fall encountered on 19 May.

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XRP traders maintained the price at this level and have managed to dodge bearish volatility. The asset may continue to trade at this level in the long term.

Reasoning

Trading was rising at the current price level. Visible Range Indicator histogram was noting a rise in activity close to the resistance at $1.05 among XRP traders. Although the trading support was lost towards the support level, XRP managed to hold on to it.

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Given the current level of bearishness, the price may have to make a stronger effort to rise to the resistance. This was due to the 50 Moving average that has remained parallel to the XRP price. If the price boosts past the MA, it can hit resistance and the trading pressure could push it higher.

However, the selling pressure was higher and the price could be maintained closer to the support. Directional Movement Index affirmed this trend as the -DI remained dominant, suggesting downward pressure in the market.

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At the same time, the momentum was squeezed out of the market as the price did not show any wild movement.

Conclusion

The current XRP market was in a restricted price range. Despite volatility in the short-term market, XRP’s price was moving sideways and may continue to trade at this level until external volatility pushes the price.


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This article was first written on yusmid.com


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