XRP Technical Analysis 2024
Key Insights
- Before seeing an upward trend, XRP crypto asset faced a drastic decline
- Crypto market participants show an ever-growing interest in XRP asset
- XRP’s perspective upward movement may not be a smooth one but actions of buyers show optimism for future growth of the asset’s value
As of writing, XRP ranks 7th on CoinMarketCap with a market capitalization of $30,054,376,709.
XRP Tech Analysis
After a sharp drop in the price of the asset from $0.6442 to $0.4190, a drop of over 34%, there was an impulsive downward move followed by an impulsive upward bounce. This price drop created an attractive entry point for investors for both speculative and long-term strategies.
Currently, the asset is trading below the 200-day moving average located at $0.5450 with high trading volumes. This may indicate that the market continues to react to the previous price movement, and buyers are actively involved in trading, which may influence the further dynamics of the asset.
XRP Price Prediction
The projected upward movement of the asset price is a technically challenging scenario in light of the need to overcome multiple resistance levels.
However, the active reaction of buyers to the impulsive price drop and the increase in trading volume support optimism for further growth in the value of the asset.
Users can get XRP for fiat or crypto on SimpleSwap.
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