XRP, at the time of penning down this analysis, was trading around $0.30 since the previous week now with an intermittent dip at $0.26 support against the US Dollar. XRP, just like Bitcoin, has been swaying in a narrow trading range with complete support from 50-day and 200-day daily MAs. However, the past three weeks of the ongoing month have had a flattish curve as XRP/USD has majorly traded above $0.28 until now.
XRP, about its movement in accordance with the massive cryptocurrency by market capitalization, has restored its position amongst the top 3 cryptos market after Bitcoin and Ethereum and is believed to have a concurrent movement with the two. After having taken over by Tether, XRP was slipped to 4th position until it strengthened and regained the lost momentum.
XRP Price Analysis
XRP, at the time of writing, was holding a flattish price trend against the US Dollar with complete support from 50-day and 200-day daily MA around $0.29. Moreover, $0.26 to $0.29 is the major support area, and with the recent bullish intraday candlestick, the price trend of XRP/USD breaches the 20-day upper Bollinger Band, which appears squeezing.
On the 2-hourly chart, the narrowing of Bollinger Bands project about a breakout real soon after a cumulative movement. The major resistance is lying around the $0.32 price area as per the recent traction.
The MACD is, however, exhibiting a bearish crossover due to a slagging and flat movement. The RSI is lying at 57.39 and holds no trading extremities.