Ripple (XRP) price was trading calmly on the first trading day of the week. XRP price action is finding some reliable support near the 50-day Exponential Moving Average (EMA) at $0.74 to look for the upside potential towards $1.0.
Ripple (XRP) price is trading within a tight range on Monday. USD hovers near 96.0 as tensions between Ukraine and Russia mount. Investors are looking for reliable support near the 50-day EMA.
At the time of writing, XRP/USD is trading at $0.78, up 0.59% for the day. The sixth largest cryptocurrency by market capitalization has a 24-hour trading volume of $2,949,057,188 with a loss of more than 18% according to CoinMarketCap.
XRP price is looking for an upside signal
On the daily chart, Ripple (XRP) price has experienced downward pressure, nearing a critical 200-EMA (exponential moving average) at $0.88. The formation of a “symmetrical triangle” signals some consolidation near the USD 0.75 and USD 0.90 short-term trading ranges.
Source: Trade View
XRP/USD is up 45% from the January lows of $0.54 with the swing highs of $0.91. After the current retracement, XRP price has the potential to rise 33% from current levels.
On the other hand, the rising trendline from the 2022 lows acts as a support for the bulls. But a resurgence in selling pressures could threaten the critical support level.
Additionally, on the downside, immediate support was found at the February 7 low at $0.67. Next, market participants were able to target the lows last seen in July at $0.50.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) hovers between 60 and 55 below the mean line indicating continuation of sideways movement.
MACD: The moving average convergence divergence (MACD) is holding above the midline with declining momentum.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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This post Ripple (XRP) Price Prediction: Ripple Consolidating Nearly $0.75, Watching 200 EMA
was published first on https://coingape.com/markets/101469-2/
