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Cryptocurrency News Articles
XRP (XRP) was trading at $0.588 at press time, close to the mid-range level at $0.585. This range formation has been in play since August 2023 and there are no signs of a bullish breakout yet.
Sep 29, 2024 at 06:01 am
XRP (XRP) has gained by 14.3% compared to XRP’s 3.25% – A worrisome development for swing traders seeking relative token strength.
XRP price analysis (September 22) reveals that the token’s price appeared to form a smaller range within the larger one. This formation began forming after the token reached a high of $0.625 on 12 September.
After forming a range high at the mentioned price level, XRP slid to trade within a smaller range that extended from $0.52 to $0.625. Notably, the token’s price action highlighted sideways price movement since July, with periods of high volatility, such as early August.
Our complete technical analysis covered everything traders need to know about making informed trades. Get a quick summary of the key points below:
XRP’s price showed limited directional bias after forming a smaller range within a larger one.
The token’s price action highlighted sideways price movement since July, with periods of high volatility.
A price drop from the resistance zone appeared more likely than a breakout past it.
Technical indicators suggested a lack of strong momentum and a tepid trading volume in recent weeks. However, buying volume was steady and supported the idea of a rally after the current consolidation phase.
As things stood, a price drop from the $0.6-$0.62 resistance zone appeared more likely than a breakout past it. Especially given the tepid trading volume in recent weeks.
After forming a range low at $0.57 on 20 September, XRP price analysis highlighted a minor recovery in the token’s price. This price move followed a large spike in the dormant circulation on 21 September.
Usually, such a large spike in the mentioned metric signaled a flurry of token movement and raised the likelihood of a price correction. However, the price move since then was only a 4.8% dip.
Meanwhile, the mean coin age continued to trend higher to indicate XRP accumulation. This signaled that despite the tepid trading volume, investors were showing interest in the token.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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