Ripple (XRP) Price Prediction: Ripple Consolidates Near $0.75, Keeps Eye On 200 EMA
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Ripple’s (XRP) price has been trading quietly on the first trading day of the week. XRP price action finds some reliable support near the 50-day EMA (Exponential Moving Average) at $0.74 to seek the potential upside toward $1.0.
- Ripple’s (XRP) price trades in a tight range on Monday.
- USD hovers near 96.0 as Ukraine-Russia tension intensifies.
- Investors seek reliable support near the 50-day EMA.
As of press time, XRP/USD is trading at $0.78, up for 0.59% for the day. The sixth-largest cryptocurrency by market cap is having a 24-hour trading volume of $2,949,057,188 with a loss of more than 18% as per the CoinMarketCap.
XRP looks for an upside signal
On the daily chart, Ripple’s (XRP) price has been facing some downside pressure near-critical 200-EMA (Exponential Moving Average) at $0.88. The formation of a ‘symmetrical triangle’ indicates some consolidation near the short-term trading range of $0.75 and $0.90.
XRP/USD records an ascent of 45% from January’s lows of $0.54 with the swing highs of $0.91. After the current retracement XRP price has the potential to rise 33% from the current levels.
On the flip side, the ascending trend line from the 2022 lows acts as a support for the bulls. But a resurgence in the selling pressure could threaten the critical support level.
Furthermore, on the downside, immediate support could be found at low of February 7 at $0.67. Next, market participants could target the lows last seen in July at $0.50.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) has been oscillating between 60 and 55 below the average line indicating the continuation of the sideways movement.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with receding momentum.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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