THE XRP price has been stagnating for almost 4 weeks now (like other cryptos), although it has seen increases in 2023. However, some analysts see the stable behavior of Ripple’s increasing probability of great volatility to come. They talk about “the calm before the storm” without really knowing where it will lead Ripple’s native token. Even if the forecasts are rather upward, XRP risks giving cold sweats to more than one investor. Explanations.
Signs of an upcoming rise
If we look at the monthly price chart, we see that XRP nevertheless maintains an upward trend, even if it is not substantial. For three months, the histogram of the moving average of convergence and divergence (MACD) has been ascending. Additionally, the MACD lines crossed upwards.
At the same time, therelative strength index (RSI)equation widely used by traders, remains in neutral territory for the moment. The next bullish target for XRP is around $0.75. A level corresponding to the “Golden Ratio”, where Ripple faced a bearish rejection in November. The golden ratio is an adaptation for trading of the concept of the golden ratio, also called perfect equation.
After a bearish rejection at the resistance of the Golden Ratio near 0.75 dollars, the Ripple’s native token has undergone a correction up to the Fibonacci support of 0.382, at around $0.57. Ripple then began a bullish rebound at this level. Which would mean that we are witnessing a potential re-targeting of the Golden Ratio resistance, which would then be around $0.75.
From a weekly perspective, the indicators are more mixed. If the exponential moving averages (EMA) suggest a medium-term upward trend, the relative strength index (RSI) remains neutral.
Despite these many contradictory signs, analysts are counting more on the hypothesis of an upcoming rise towards 0.75 dollars. As you will have understood, the lights still remain green, even if uncertainties remain. Now let’s look at the predictions of XRP against other assets that matter.
XRP vs USDT
Regarding its evaluation against USDT, XRP established consolidation above $0.6 support level. It has neither crossed this level on the downside nor shown any significant upward movement. The relative strength index (RSI) remains around the 50% threshold, signaling an absence of a clearly defined trend, neither upward nor downward.
In the event of a break lower, the 200-day moving average could offer support near $0.55. Conversely, bullish momentum could initiate a progression towards the resistance level located at $0.7.
XRP vs BTC
Face in BTC, the price trend has been bearish. It broke several support levels downward, failing to stay above the 200-day moving average, which sits around 1900 SAT. Currently, the price is falling sharply towards the support level at 1,250 SAT, a level which could represent a final barrier for buyers.
However, with the Relative Strength Index (RSI) entering an oversold zone, a bullish rebound towards the 1,600 SAT level could be looming in the short termbefore the price reaches the threshold of 1,250 SAT.
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Sources: Tradingview, Beincrypto, Cryptopotato
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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.