Ripple (XRP) Price Today’s current price action signals indecision among investors. XRP is trading in a very tight $0.76-$0.78 range. It appears that the asset is waiting for confirmation to set further directional bets.
Ripple (XRP) price is trading sideways on Thursday. XRP is expected to rise to the $200 EMA at $0.85. Altcoin was up 45% from its February low of $0.62.
XRP Price Awaits Symmetric Triangle Formation Breakout
Source: Trade View
Ripple (XRP) is facing solid resistance near the critical $0.80 mark as the price fails to deliver a decisive close above the said level. However, the downside is limited to around $0.75 thus contributing to the sideways price action.
The On-Balance-Volume (OBV) indicator tells about the total current volume of an asset. Looking at the indicator, it appears that the volume is moving higher in line with the upward movement in price.
RSI: The daily Relative Strength Index (RSI) is trading flat at 51 above the average line. Any increase in the indicator will push the price above the consolidated range.
MACD: The Moving Average Convergence Divergence (MACD) is floating above the midline with a bullish bias.
In addition, XRP on the daily chart forms a ‘symmetrical triangle’, with the above indicators there is a high probability of a higher breakout with the immediate target on the crucial 200-day exponential moving average (EMA) at $0.85.
An acceptance above the mentioned moving average will reach a high of $0.95 on December 27.
As of publishing time, ETH/USD is trading at $0.77, up 0.11% for the day. The sixth-largest cryptocurrency by market capitalization’s 24-hour trading volume is down 23% to $2,122,299,636.
Speaking of another possibility, a failure to maintain the session low will invalidate the bullish position for the pair. XRP could test $0.71 during the downswing.
Another round of sales would be launched if the price moves below the reliable $0.70 support.
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 publication is not responsible for your personal financial loss.
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This post XRP Price Prediction: XRP set to jump towards 200 EMA; Good time to come in!
was published first on https://coingape.com/markets/ripple-xrp-price-prediction-xrp-set-to-jump-toward-200-ema-time-for-long-positions/