Ripple’s (XRP) price move sideways with no meaningful price action on Tuesday. XRP price has been consolidating near the crucial support level. However, bulls need to exhibit strong conviction to maintain the current price action.
- Ripple (XRP) price trade in a tight range in the U.S. session.
- XRP could dive 20% from the current levels if breaks below $0.65.
- U.S stock indices slip as Russia-Ukraine tension intensifies.
At the press time, XRP/USD is trading at $0.69%, down 0.85% for the day. The sixth-largest cryptocurrency by market cap has a 24-hour trading volume of $4,137,133,248 as per the CoinMarektCap.
XRP the native coin of Ripple Network helps facilitate transactions on the RippleNet platform. Further, the prolonged court case with SEC is about to reach a conclusion that is anticipated to come out in favor of Ripple. But Ripple remained unfazed by the news.
XRP prepares for another leg down
On the daily chart, Ripple’s (XRP) price has been on the continuous downside momentum since November 10 after hitting all-time highs of $1.34. After consolidating near the January lows of $0.55.
The price action repeats the historically technical pattern as XRP bounced back from the lows of December 6 with an ascent of 35%. On the same line, after a descent of 45% in late January the price rallied another 30%.
Now, if the price slips below the session’s low then it would retest the lows of January.
On the other hand, a spike in the buying orders could push the price toward the previous day’s highs of $0.80.Next, market participants would aim for the 200-EMA (Exponential Moving Average) at $0.86.
Technical indicators:
RSI: The Daily Relative Strenght Index (RSI) trades at 42 after it sliced below the midline on February 16.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with receding upside momentum.
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