AltcoinPrice AnalysisRipple (XRP)

Ripple Price Analysis: XRP Price Finally Records 8% Gains

Ripple’s native digital currency XRP which is the fourth-largest cryptocurrency in the world by market capitalization is looking for a major breakout for the past several weeks. However, the coin has not found any success so far. But it has been on a movement during the last 24 hours as the price value of the coin has surged by approximately 8 percent in this time period. XRP’s price reached $0.25 earlier today before correcting below.

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XRP/USD now holds in the bullish territory

For over the course of the past few weeks, the price of XRP has been trading stable while residing in the range between $0.23 and $0.24. It has been constantly trying to sneak through this area so that it could break above its 100-day EMA line that lies at $0.25.

Earlier today, however, a sharp movement was noticed in the price value of XRP which resulted in the break above the resistance level of $0.25 and the 100-day EMA line was broken by the coin. To reclaim this level, the fourth-ranked digital currency recorded a gain of more than 8% during the course of the last 24 hours. However, the price value of XRP could not maintain its residence out there for a longer period of time and corrected itself below to the $0.24 level.

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Despite the correction, the major digital currency is still trading in bullish territory at the moment. Currently, the price value of XRP is standing at $0.24 with a positive change rate of 1.76% in 24 hours. This bullish sentiment might take the coin to reclaim its past resistance level that stands at around $0.32. If this resistance level gets broken in the short-term trend, then XRP might be able to reach once again its yearly high.

At the moment, the next resistance for XRP lies at $0.26. After that, the second resistance stands at $0.27. The support levels for the coin are $0.236 and $0.227 respectively.

Some in the XRP community believe that this surge in the price value of XRP might have occurred because of the recent job hiring announcement made by the blockchain payment technology firm Ripple. The company has announced to hire a Senior Software Engineer for developing an “enterprise-grade, distributed trading platform”.

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MubaShar Nawaz

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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