- Ripple’s XRP still stuck in a range as market generally stability.
- Prediction says that the prices will continue to drop until the cryptos reach a bottom.
Ripple’s XRP is currently making consolidation below the 100-day 1-hour range Simple Moving Average. The price has remained stable since the new year started. However, there was an upside correction on January 2 when XRP recovered past the Moving Averages and settled briefly above $0.38.
The momentum fizzled out before XRP escaped the range resistance at $0.39. The asset slumped back below the 50-day and 100-day Simple Moving Average. Fortunately, a bounced occurred marginally above the range support leading to a bullish move that faded way before hitting $0.37.
Looking at the chart, it seems XRP will stay in this range for a few days. Moreover, the Relative Strength Index is heading back south. The bears are not ready to give up control, besides the Directional Movement Index is moving higher to show that the trend will continue as mentioned above.
If the asset finds support and a catalyst in the coming sessions, the bulls will face resistance at $0.3701. Further upside movement towards $0.4 will battle the concentration at $0.3926. Ripple’s XRP needs to come out of the bear range in order to realize significant gains. On the other hand, XRP/USD has a couple support areas at $0.3513 and $0.3251 respectively.
The trend in the market is generally stable, although Bitcoin dropped below $3,800. Expert prediction says that the price will continue to drop until the assets reach a bottom. Once a bottom is reached, there will a reversal that will see good gains and a possible bull-run.
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