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XRP Price Analysis: After Confronting a Stiff Wall At $0.26, XRP/USD Takes a Bow Despite Increased No. of Ripple Whales

While the entire cryptocurrency market experienced a minor correction in the past 48 hours, some tokens have sustained more severe losses. XRP has been underperforming since January 2019, losing a huge chunk of its market dominance in that period from just beyond 12 percent to only 3.2 percent presently. In the recent 4 trading days, the price of XRP has been attempting to swing higher coming from the Oct 3 low of $0.23. After confronting a stiff wall around $0.26, XRP/USD takes a bow. The token has reversed recent gains taking price beneath to register an intraday low of $0.2462 from its opening price of $0.2569 today. The XRP market cap stands at $11.16 billion, as calculated from a 45.23 billion free float supply. There has been a total of $1.95 billion in trade volume over the past 24 hours. An increase in the number of whales with at least 10,000,000 XRP coins nearly $2.5 million has been reported by data aggregator, Santiment. The increase in the number of whales from October 10 lows of 307 to 310 presently was noted.

*In the recent 4 trading days the price of XRP has been attempting to swing higher coming from Oct 3 low of $0.23

*After confronting a stiff wall around $0.26, XRP/USD takes a bow

*An increase in the number of whales with at least 10,000,000 XRP coins nearly $2.5 million has been reported by data aggregator, Santiment

Key Levels

Resistance Levels: $0.2850, $0.2700, $0.2600

Support Levels: $0.2400, $0.2300, $0.2201

XRP/USD Daily Chart: Ranging

XRP/USD Daily Chart

Despite an impressive rebound over the last 4 days, XRP/USD has erased recent price-taking gains to record an intraday low of $0.2462 from today’s opening price of $0.2569. In an attempt to breach the $0.26 resistance level on the daily chart, the price of XRP was struggling to remain afloat the MA 50.

The most recent rejection persists within range, provided that XRP is shielding the support of the ascending trendline and MA 200. The uptrend remains intact here as the low at $0.2400 is a higher low than $0.2300. Before actually hitting the oversold area, the RSI still has space to turn higher, which means the bulls are still not overwhelmed.

XRP/USD 4-Hour Chart: Ranging

XRP/USD 4-Hour Chart

As the XRP/USD pair gets due for a great positional shift, Ripple (XRP) is trading within an increasingly narrow price range on Wednesday. The technical analysis reveals that if the XRP/USD pair starts to move underneath the 4-hour MA 200, a huge bearish breakout may occur. An upswing to the 4 hour MA 50 beyond the $0.2500 to $0.2600 region to the northside is likely to garner strong buying activity from whales.

The bears’ next target price maybe $0.2201, right underneath the ascending trendline support. Once exchanging beyond the $0.2500 mark, the XRP/USD pair is only bullish; the main resistance is seen at the $0.2600 and $0.2700 level. If the XRP/USD pair exchanges underneath $0.2400, the $0.2300 and $0.2201 levels of support can be tested by sellers.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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