Ripple’s token XRP spike in price in anticipation of the launch of its service xRapid. The launch of xRapid was announced at the Swell Conference last week in San Francisco. The price of XRP has since started to decline.
The RSI is forming lower lows and lower highs along with the MACD converging to the downside. These both show increasing selling momentum and pressure. There have been gains in price recorded on some days since the decline, but these have been on low volume and have been followed by a continuation in the drop. Today is also showing a rise, but the volume is significantly below the 20-period average daily volume showing that there is not much strength behind this rise and a continuation of dropping price is likely.
One the shorter-term hourly timeframe, we can see that price has started to appreciate over the past 24 hours. A bullish divergence occurred between price and RSI with price forming lower lows and RSI forming a higher low. This shows price continuing to depreciate despite a fall in the amount of selling pressure.
Since the bullish divergence, the price has started to form higher highs and higher lows along with RSI. The MACD has also been diverging to the upside showing an increase in buyer momentum. The price would be likely to experience some resistance at the 200 EMA which is currently trading around $0.51. The price is currently trading around $0.493.
- The price of XRP has been declining since its spike in the build-up xRapid launch.
- Any rises have been on low volume making a return to declining price more likely. Today’s price is also gaining but on low volume.
- Price started to appreciate after a bullish divergence occurred on the hourly chart between the price and RSI.
|DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.|