It would appear that a lot of people have high expectations for the XRP price. Ripple’s native asset has not underperformed per se, but it hasn’t done too well either in recent months.
Throughout this week, even the past month, a significant increase in value became apparent. Confirming this uptrend and extending it will now become the primary objective.
XRP Price Momentum Picks up
Around a month ago, the value per XRP sat at just $0.19. A very steep change from its all-time high of over $3. Similar to most other markets, Ripple’s native asset has continually lost value under bearish circumstances. This has resulted in a steep downward XRP price trend throughout most of 2018 and 2019.
Today, the value of XRP sits near $0.234 again. This represents a 24.4% increase in value in the past 30 days. This is primarily made possible following a 11.2% surge this week. Now that the weekend has come around, it appears that most markets will go into accumulation mode once again.
Even though XRP has ample volume, it seems unlikely that any major progress will be made this weekend. The top trading pairs are XRP/USDT on MXC, BigOne, and Binance, XRP/BTC on IDCM, and XRP/USD on Exrates. They combine for over $1 billion in daily trading volume.
XRP/USDT Technical Indicators
Bollinger Bands: At the time of writing, the XRP price chart’s Bollinger Bands appear to be narrowing. Albeit there have been some small uptrends and downtrends, the overall momentum isn’t showing any real indication. The volume also appears to be relatively low on both sides of the order books, for the time being.
Moving Averages: On the hourly XRP/USDT chart, the MA20 is still in a bullish crossover with the MA50. It does appear as if both lines will converge for a temporary bearish or sideways trend later this weekend. The MA200 is moving up slowly, and had surpassed the $0.22 mark for the first time in a while.
On the daily chart, the situation is a bit different. It shows the MA20 is just below the MA50. A bullish crossover is emerging slowly, however. The MA200 is still on the decline on this chart, and threatens to drop below $0.25
RSI: The RSI for XRP is in neutral territory on the hourly, and overbought territory on the daily chart. This doesn’t necessarily indicate anything, as Ripple’s asset tends to be in this territory more often than not. For now, it seems unlikely any real XRP price push will materialize this weekend.
Resistance Levels: Short-term resistance will be found near $0.2393. That level has been rejected four times in the past week. Should XRP blaze past it, the road to $0.29 appears wide open. The current support levels sit near $0.2307 and $0.22573.