Ripple’s XRP price analysis: Stability on point

The cryptocurrency market is in the red mid-way through the week’s trading. However, the assets are showing good levels of stability. The market value has only decreased by $1 billion from $122 billion recorded yesterday to the current $121 billion. Bitcoin is still the market leader taking up at least 52.4% of the market entire market value. Ripple’s XRP is currently the largest altcoin in the market with a capitalization of $13.4 billion. It has a 24-hour exchange trading volume of $450 million at the time of writing.

Like most of the assets in the market, XRP is in the red. The live stream data on FXStreet shows that there has been a 0.99% decline on the day. However, XRP is still stuck in a range with the resistance limit at $0.34 and range support at $0.316. The price is also sideways below both the 50-day and the 100-day Simple Moving Average both of which are limiting gains around $0.33.

Looking at the chart below, the indicators point to the current sideways trend is here to stay at least for the rest of the trading on Thursday. However, the Relative Strength (RSI) has retreated from the level where it almost hit the oversold region. The RSI is currently horizontal at $43.58. The Directional Movement Index (DMI) on the same chart is also horizontal at $27.37 to confirm the trend. For a correction towards $0.4, XRP buyers must strive to overcome the range resistance at $0.34.

XRP/USD 60’ chart