xrp crypto value

XRP consolidates in anticipation of a 30% move

Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes
Written by publisher team

  • XRP price is moving within a bullish parallel channel pattern that lacks a clear path to where it goes next.
  • A 4 hour close above or below the channel will confirm a 30% move in that direction.
  • On the upside, this cryptocurrency might target $0.75, but if sell orders build up, it might target the $0.46 support level.

XRP price has been consolidating within a narrow range for the past two weeks. Although this altcoin appears to be in an uptrend resulting in a series of higher highs and higher lows, there are two crucial levels that will define the next trend.

Ripple price is preparing to break 30%

The entire price of XRP fell to $0.35 on February 2, after rising to a yearly high of $0.76. After a massive decline, this digital currency has formed an upward channel as it has been contained over the past two weeks.

At the time of writing, XRP price is trading around the upper trend line of the channel at $0.55, waiting to establish a clear trend.

The last time Ripple’s native cryptocurrency tested this resistance barrier, it was rejected, leading to a 20% correction. Therefore, it is crucial for XRP price to break above the upper barrier and close above $0.57. This will create a new bullish trend that could push XRP’s market cap by 30% to reach the $0.75 target.

XRP / USDT 4 Hour Chart

However, higher selling pressure around the current levels may lead to another rejection from the upper trendline of the channel. This could result in a slow correction towards the four-hour SMA at $0.46.

XRP / USDT 4 Hour Chart

XRP / USDT 4 Hour Chart

If the number of sell orders behind XRP is large enough, the 50 four-hour moving average may fail to sustain the price lower. Under these pessimistic conditions, the Ripple price could move towards the 100 or 200 four-hour moving averages.

These support levels are located at $0.40 and $0.35, respectively.

.

About the author

publisher team