The price of XRP exudes uncertainty. The coin has been moving sideways for over two months but seems unable to break out. Moreover, the price has no convincing ups and downs, making it impossible to estimate the price. Let’s look at the graphs.
Main zones
To analyze an uncertain currency as clearly as possible, it is important to remove the highest price levels from the chart. They could have been created recently or long ago in racing history. That’s why we’ll start this analysis with the weekly chart of XRP.
As you can see, we can look very far back in terms of pricing (as far as April 2018). Since then, the coin has created several important price levels that are still valid today.
This is because many investors use old prices to place their buy or sell orders. These places have often led to price changes in the past. XRP is currently trading below the mid-gray zone of around $0.58, but above the zone of around $0.30. These are the coin’s major resistances and supports.
I haven’t gotten past this low point
However, it appears that the price between these zones has been on an upward trend for some time. To analyze this further, let’s also look at the 4-hour chart. Here we see the current price evolution in detail.
As you can see, the price was rejected a few times when trying to enter the gray zone. And since then, the currency seems to be in a precarious state, unable to make convincing highs or lows. This makes accurate analysis difficult.
The only thing that would make the outlook for XRP a little more positive would be a climb above the gray zone. Given the uncertainty surrounding the current price, this does not seem likely to happen so quickly, but it is not impossible.
Therefore, it is important at this point that XRP does not fall below the previous low. In this case, I’m talking about the blue line at about $0.46. If this happens, the price could fall further due to new support. It could be slightly lower (at $0.41) as there is important support there (which will be discussed in this analysis), or much lower.
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Source: BtcDirect
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
