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AltcoinPrice AnalysisRipple (XRP)

Ripple Price Analysis: XRP is Very Close to Break the Next Resistance

Ripple, the fourth-largest digital currency in the world by market capitalization has performed fairly well over the course of the past seven days. The price of XRP is still up over four percent in the last seven days. XRP is currently standing at a crucial price level from where it can easily break its next resistance.

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XRP Price Value

At the time of writing, the price value of XRP is standing at $0.253664 USD with a change rate of 0.31 percent in 24 hours.

XRP Statistical Data

  • The market capitalization of XRP is $11,466,823,972 USD out of the total market cap.
  • $1,683,975,224 USD is the 24-hour trading volume of the coin.
  • While on the other hand, the circulating supply of the token is 45,248,061,374 XRP.

Price Analysis – XRP/USD Faces Resistance at $0.26

On October 22, 2020, the fourth-ranked digital currency posted a brief rally and surged high to hit $0.265. This price surge occurred following the potential rally of the world’s largest cryptocurrency Bitcoin (BTC) in which the coin reached its yearly high. But after that, XRP immediately moved into the consolidation range once again as its price was corrected below to $0.25.

📰  Ripple’s XRP Skyrockets To the $0.37 Level

The coin has sustained its momentum at this price level and is gearing up for breaking once again the upcoming resistance at $0.26. Cryptocurrency analysts believe that bullish momentum is unlikely to start until this crucial barrier is broken. If XRP breaks this level, the next resistance lies at $0.27. The long-term resistance stands at $0.31. XRP can only sneak through this price level if it continues its bullish momentum.

However, if the coin fails to break the next resistance, the chances for a bearish trend are imminent. XRP may fall into the bearish zone once again due to this failure. This will take the price of the coin into the $0.24 zone. XRP has short-term support at $0.227.

As the fourth-ranked digital currency is struggling for a breakout, whales are continuously moving XRP. According to data from Whale Alert, an amount of 15 million XRP worth around $3.7 million was sent recently from the cryptocurrency exchange Binance to the digital asset custodian BitGo.

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MubaShar Nawaz (United Arab Emirates)

MubaShar Nawaz is an experienced crypto writer working for Tokenhell. Having passion for writing, he covers news articles from blockchain to cryptocurrency.

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