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XRP Consolidation Phase May End Soon With a Bullish Breakout

Posted on by admin
21
May

XRP News

    • Ripple (XRP) has seen a slight price loss in the last 24 hours.
    • XRP’s price is in a consolidation phase, but a bullish breakout may be on the cards.
    • Confirmation of the bullish breakout would be the RSI crossing above the RSI SMA line on the 4-hour chart, followed by the price rising above the 8 and 20 EMA.

Ranked sixth on CoinMarketCap’s list of the biggest cryptos by market cap, Ripple (XRP) has seen a slight price loss in the last 24 hours, according to the crypto market tracker.

At the time of writing, the price of XRP is around $0.4127, which is a 3.92% price decrease compared to what it was 24 hours ago. The weekly performance of Ripple has also seen it at a loss as its price dropped 4.45% over the last seven days.

XRP has also weakened against Bitcoin (BTC) and Ethereum (ETH). Currently, 1 XRP is worth 0.00001404 BTC and 0.0002092 ETH. This means that XRP has weakened 1.29% against BTC and 1.63% against ETH.

The market cap of Ripple is around $19.8 billion. This ranks it under Binance Coin (BNB), with a market cap of $49.6 billion, and above Binance USD (BUSD), with a market cap of $18.5 billion.

RSI looks to cross RSI SMA on 4-hour XRP/USDT chart (Source: TradingView)

Looking at the 4-hour chart for XRP/USDT, the Relative Strength Index (RSI) looks to cross above the RSI SMA line. This is indicative of a potential bull move. However, the price seems to be in a consolidation phase. A breakout of the consolidation phase may take place in the next 8-16 hours, depending on what the price of XRP does.

One confirmation of whether or not a bullish move will happen is if the price of XRP can break past the 8 and 20 EMA that seem to be acting as a resistance level for the last few days.

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