What analysis would you like to see? Every week we conduct a survey on our social media. Here you can vote for the next altcoin review. The winner this time was Ripple (XRP), so let’s take a look at the price right away.
upward trend
Today we start with the XRP weekly chart. In the image below, each candlestick represents 7 days. This can tell us more about the longer-term price development. There we see two main levels (shown as blue zones).
These zones have traditionally been very important to price action and we have covered them in previous reviews as well. These price levels served as support and resistance.
Ripple price is currently in between these zones. The upper blue zone (around $0.60) serves as resistance, while the lower zone serves as support (around $0.33). The price bounced from this lower zone 4 weeks ago and now appears to be moving into the upper zone.
There are also yellow arcs drawn on the chart and they are there for a reason. These arcs show XRP’s bullish trend. As you can see, Ripple has hit a huge new high and a huge new low over the past two years. This usually refers to a long move up.
If XRP breaks out here and breaks blue resistance, chances are we will see an XRP token reach a new all-time high in no time.
This requires the price to be above the all-time high (upper yellow arc), but we’re not quite there yet. To be able to say something more about the price in the short term, we look at the daily chart.
daily chart
As we saw in the chart above, XRP bounced off a support. This usually refers to a new rise to the next resistance. It is now about $0.60.
In the chart below we can see this better because each candle here represents 24 hours instead of 7 days.
Due to the backlash on support, XRP does not seem to want to come back for the time being. In recent weeks, the price has increased from $0.30 to $0.42, which is a significant increase. This does not mean that the price will stay at $0.60 in a major push.
There may be a few bumps along the way. This is nothing to worry about, this is normal with a healthy move. For now, the coin is experiencing a fantastic 2023.
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Source: Btc Direct
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Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
