- XRP is a part of Ripple which is used for Real Time Gross Settlement(RTGS), a remittance network that is open to the world for financial purposes.
- XRP in the yearly time frame is moving in the up direction.
- We will analyse the pattern and withdraw some information related to the coin.
XRP grew by 8064.76% overall. The all-time high value of the XRP was $0.823 and then it fell to $0.480. The coin became popular due to its scam.
However, it fell by (23.79%) last month. The U.S. Securities Exchange Commission(SEC) banned it from the market.
The coin is essentially in an uptrend. It made some corrections due to which it showed retracement in 2023.
Technical Analysis will help us to study the price variations of XRP.
Technical Analysis of XRP(Yearly)
We can clearly see that the coin is forming an uptrend. As it came into the market in 2019. It was up by 35.14% in the yearly time frame.
According to some forecasts given by coin codex, the coin may rise up to $0.654 or might rise by 37.95% by 17th September 2023.
F&G(Fear and Greed) Index is showing 30(fear). The market sentiments are bearish in nature near the current market price.
Technical Analysis of XRP(Monthly)
In the monthly time frame, the coin is in a sideways position.
In the last 30 days, the coin recorded 13/30 days green which is around 43%. The price volatility was 7.50%.
The coin might make another support on the trend line. It might continue its upward movement.
According to some reports given by coin codex, it is not a bad time to buy XRP coins.
Technical Analysis of XRP(Weekly)
We can clearly see, the pattern appeared 2 times in a row which means it will continue the down movement.
Three black crows appear in an uptrend and indicate that the price will fall in the future.
There were many allegations on the company because it raised hundreds of million dollars through selling unregistered XRP coins.
Technical Analysis of XRP(Daily)
The coin in the daily time frame is in a sideways position. The opportunity to invest in the coin is near the current price.
It is up by 0.68% in today’s trading session. The coin will perform well if the application of the ripple performs well.
The support level might also help the coin to continue the upward movement. In the daily time frame, the coin is highly volatile.
Summary
Through the technical analysis we can conclude that the coin is not performing well in the weekly and daily time frame.
In the daily time frame, it is a sideways position. In the weekly time frame, according to candlestick it may move lower in the future.
Also in the monthly and yearly time frame, the coin is not doing well.
Crypto investors should have proper knowledge about the cryptocurrency market.
Technical Levels
- Resistance Level- $0.3076
- Support Level- $0.2342
Disclaimer
This is a general article that does not provide any financial information. Investors should focus on both technical analysis as well as fundamental analysis. The analysis is done to provide information to readers. To make them aware of investments.
