In most Cryptocurrency platforms Ripple (XRP) price is stabilizing at $0.25. Last week, the third-largest Cryptocurrency increased marginally by 1.76% to close the week at $0.2568. The psychological level of support has established itself at $0.25 while a strong resistance level is at $0.3.
It is good news to the XRP community to observe their Token becoming less volatile, nevertheless, it is still concerning for short term buyers (XRP shorters) investing to sell and reap positive returns in the short term. On the other hand, the stability of XRP is a fundamental aspect that attracts long term investors and XRP sharks. Hence the current sluggish market trend can be viewed from both angles in analyzing the impact of the cycle on XRP price.
Intra-Day Trading Charts
The stability of XRP/USD is strong and positive while the Token is bearish against BTC amidst the Bitcoin market. Looking at the close of Thursday, intermittent market corrections were triggering bearish deflections. However, there is a strong level of support at $0.25 and the Cryptocurrency is holding above the critical level.
As at press time, the nearest level of support is at $0.2519 as XRP is trading above $0.256. Meanwhile, there is a level of resistance at $0.27. If XRP experiences a sudden bout of recovery, it would meet a new level of resistance at $0.2811, $28.90, and $0.30 respectively. The final level of resistance would be the highest price recovery since mid-August and a break out would clear the path for XRP/USD charge above $0.32 on the 100 days EMA, and $0.34 on the 200 days EMA.
However, due to the unpredictable nature of price trends in the market, a bear run may set in and a slump may occur. In such an unlikely scenario, investors should note that forecasts from charts indicate that levels of support would be established at $0.2461, $0.24, $0.2345, and $0.23 respectively.
XRP/BTC Pair Is Dipping
Overall, it is a Bitcoin market and Altcoins are losing against BTC. In the week, BTC dominance stabilized at 70% cementing its dominance in the market. This means that Bitcoin is performing better than other Altcoin pairs. For instance, XRP/BTC is trading at 2423 SAT which is below the short term level of support of 2455 SAT. However, there is likely to be a rebound in the short term when the growth of BTC slows down to allow a sporadic market correction after trading in the green for days.
It Is A Buyers’ Market
The Relative Strength Index (RSI) for XRP/USD is lower than 50. This means that the Token is oversold indicating that the sell orders exceed buy orders either due to fewer buyers or more seller. This scenario triggers a bearish market momentum that is ideal for purchasing XRP.
In marketplaces, the most visible sign of depressed investor activities is the low trading volume that currently stands at$1,090,378,299 on Coinmarketcap as at the last 24 hours. Comparatively, the trading volumes for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, EOS, and Tether are higher. This means that investment activities are lower for XRP and this is a perfect market for buyers.