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Ripple (XRP) Fails To Hit Double-digit Gain, What Could Be Wrong?

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Ripple (Xrp) Fails To Hit Double-Digit Gain, What Could Be Wrong?
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Ripple (XRP) has had a tough time producing double-digit gains against tether (USDT) as prices continue to range with little or no movement in recent times. The crypto market in its early days saw prices of altcoins surge as most coins rallied with considerable price gains, but that can not be said of Ripple (XRP). (Data from Binance)

Ripple (XRP) Price Analysis On The Weekly Chart 

Weekly XRP Price Chart | Source: XRPUSDT On Tradingview.com

The price of XRP has had a tough time maintaining the bullish momentum it has shown in recent months as the price was rejected from the $1.9 area acting supply zone for most sellers.

XRP has since struggled to discover the bullish momentum it experienced, despite being a fundamentally strong coin with the growing sentiment on its movement. Still, XRP has found a price ranging from $0.3 to $0.38. 

The price of XRP on the weekly chart needs to break out of the range channel it has formed for its price to have a real chance of trending higher. The upper band of the channel at $0.38 continues to act as a resistance to the XRP price preventing a major movement to the upside of the chart.

XRP’s price needs to break above this region for its price to trend higher to $0.42 and possibly $0.55. The price of XRP must break and hold above this range channel for a better chance to trade higher. If the price of XRP breaks out with good volume, we could see the price going higher; should the price of XRP fails, we could have a retest of $0.3 as a good demand zone for price sell-off.

Weekly resistance for the price of XRP – $0.38-$0.42.

Weekly support for the price of XRP – $0.3.

Price Analysis Of XRP On The Daily (1D) Chart

1663091823 409 Ripple Xrp Fails To Hit Double Digit Gain What Could Be
Daily XRP Price Chart | Source: XRPUSDT On Tradingview.com

The daily timeframe for XRP prices looks choppy as prices continue to range with little volume to break out of this range. The price of XRP failed to hold its major support at $0.5 as the price flipped this support into a resistance leaving the price of XRP to have a free fall to a region of $0.3. 

After seeing a low of $0.3, the price of XRP bounced from that region, acting as a strong support and demand zone for major market players. The price of XRP tried holding above the 50 Exponential Moving Average (EMA) but saw its price rejected from that region as support. The price of $0.36, which corresponds to the 50 EMA value, is acting as resistance for the price of XRP.

On the daily timeframe, the price of XRP is currently trading at $0.33, rejected below the 50 EMA. The price of XRP needs to flip the 50 EMA to assume a strong bullish price movement. 

The Relative Strength Index (RSI) for XRP is below 50 on the daily chart, indicating low buy order volume. With good order volume, we could see the price of XRP reclaim the 50 EMA acting as resistance for prices. 

Daily resistance for the XRP price – $0.35-$0.38.

Daily support for the XRP price – $0.3.

Featured Image From zipmex, Charts From 

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Bitcoin’s Price Indeed Struggling to Retain $20K Mark

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Bolt Cancels $1.5B Acquisition Deal Of Wyre Payment
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  • BTC is now trading at $19,258 and is down 0.37% at the time of writing.
  • The global market fell from a trillion to $926.78 billion.

Bitcoin is battling to recuperate its deficits from the previous month, and it is striving to achieve $20,000 after achieving a low of less than $18,500. The BTC has been a victim of the Red Candle March since last month.

Bitcoin Is Hold Up in a Range

Bitcoin is currently trading above $19,000, actually rose $19,250, and a simple moving average from the last 100 hours. Furthermore, prices have risen above $19,500 and $20,000.

The bears are active above the $20,000 resistance zone, and a high of $20,180 has been created, indicating that the price has begun to fall. It was down to $18,588 at the end of the previous month, but it is currently trading in the green and has hit $19,145.

Bitcoins Price Indeed Struggling To Retain 20K Mark
BTC Price Chart (Source:CMC)

At the time of writing, Bitcoin (BTC) is trading at $19,258 with a 24-hour. Trading volume of $23.88B, climbing to 33.74%. And the market cap is $369,233,419,623 and it has reduced to 0.36%. It is now circulating at 19,167,575.00 BTC. And the price has declined by around 0.37%. And it has been reported that it has risen in the previous 24 hours and that it is trading in the red.

The global crypto market has slipped from $1 trillion to $926.78 billion, a reduction of 1.11%, while the crypto market has climbed by 31.60% in the previous 24 hours to $47.51 billion.

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2X Price Surge in Terra Classic (LUNC) Within a Week

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2X Price Surge In Terra Classic (Lunc) Within A Week
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