Ripple (XRP) is one of the most popular cryptocurrencies in the market. Recently, a crypto trader and analyst EGRAG CRYPTO posted an update to his XRP analysis, focusing on the Relative Strength Index indicator. As per the consultant, this indicator presents a path which is somehow similar to XRP's behavior in 2017. In that regard, it is important to note that at press time, XRP's price was trading at $0.4647, and achieving a 24-hour growth of 0.47%, according to CoinMarketCap. It's noteworthy that XRP's price is higher than Bitcoin's (BTC) and Ethereum's (ETH) by 0.38% and 0.35% respectively.
As far as technical indicators are concerned, XRP's daily chart suggests that making higher high in the near future can be difficult. At present, the 9-day EMA line is likely to move bearishly below the 50-day EMA line, which will indicate a market trend that is likely to result in a dip at $0.4191. Therefore, if traders want to assess XRP's price performance further, they should keep an eye on the nearest support level at $0.4470, as a break from this point could validate the bearish thesis. Furthermore, if the 50-day EMA line is benefited in the upcoming 24-48 hours, its figures will rise to $0.4925 eventually.
Talia Ross
- 2023-05-05
XRP Analysis with Focus on Relative Strength Index
This article provides an analysis of Ripple (XRP) with focus on the Relative Strength Index indicator. It provides readers with essential technical indicators associated with XRP's price performance, and notes on the same.
