|

Ripple Price Analysis: XRP/USD comeback above $0.20 as XRP Army explores cryptoasset’s future

  • Ripple price recovery from $0.1750 support struggles to clear the selling pressure at $0.20.
  • The prevailing technical picture hints that consolidation could take place before the recovery continues towards $0.30.

Ripple buyers are working tooth and nail to force a reversal following dire drop from levels above $0.22 to lows at $0.1750. XRP bulls are showing strength while choosing to stay in the market in spite of the drop. The price is teetering at $0.19 amid a growing bullish trend. The low volatility in the market hints that movement is not going to be rapid.

XRP Army discuss the future of XRP

Ripple has been stood out as the worst-performing cryptocurrency among the top 30 since the downtrend experienced in 2018. Despite the wanting growth metrics, the cryptoasset enjoys the support of a large community referred to as the XRP Army. Some of them like Alex Cobb say that there is nothing to worry about as XRP was also the last to rally during the 2017 crypto bull-run. According to Stuart, a pseudonymous XRP investor:

XRP has the most potential. XRP has the best team Ripple pushing XRP into the largest trillion dollar+ markets in the world. XRP actually has a real utility being used today. XRP price performance last few years have been absolutely pathetic for some investors. Being Rekt is not fun.

Ripple technical analysis

Ripple price is embracing uninterrupted buying interest following the drop to $0.1750. At the same time, buyers are keen on reposition the price above $0.20. The minor recovery appears to be ignoring the falling RSI. Moreover, the 50-day SMA is providing support at $0.1923.

On the other hand, consolidation is likely to take over as seen by the MACD’s leveling motion above 0.00 (the mean line). On the upside, several resistance zones will have to come out of the way for XRP to properly resume the uptrend to $0.30. Theses resistance zones include $0.20, $0.2250 (200-day SMA) and $0.25.

XRP/USD daily chart

XRP/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Bitcoin braces for US midterm elections as historical sell-offs revive downside concerns

Bitcoin (BTC) braces for the impact of the US midterm elections, just a week after the $6 billion hack from Binance. Historically, congressional elections have negatively affected not just the president’s party but also Bitcoin.

Bitcoin slips below $78,000 amid ETF outflows

Bitcoin (BTC) slips below $78,000 at the time of writing on Monday after posting its fourth straight weekly loss. Institutional demand shows signs of weakening, with spot Exchange Traded Funds (ETFs) recording outflows of over $202 million last week.

Crypto Today: Bitcoin, Ethereum and XRP consolidate amid weak market sentiment

Bitcoin hovers above $78,000, building on the 100-day EMA support as market sentiment remains weak. Ethereum shows signs of recovery near $2,300, though upside remains technically capped.

Pi Network tests long-term resistance breakout as selling pressure wanes

Pi Network edges higher on Monday, testing the bullish breakout of a long-term resistance trendline. Fear and Greed Index declines to 36 from 43 last week, indicating reduced risk appetite.

Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.