Ripple’s XRP has exhibited turbulent price action and high volatility since early April, leaving traders uncertain about the market’s future direction.
However, it is likely that the price will continue to consolidate within the range defined by the 100-day and 200-day moving averages in the medium term.
XRP Price Technical Analysis
By Shayan
The Daily Chart
Taking a look at the daily chart, XRP’s price underwent a corrective consolidation phase, pulling back towards the 200-day moving average situated at $0.44.
This retracement occurred after failing to surpass the key resistance region of $0.55. The $0.55 zone holds significant psychological resistance, as it has repeatedly hindered XRP price movements in the past. Notably, there is a considerable amount of supply in this region, indicating aggressive selling pressure.
Nonetheless, the price is expected to remain within a dynamic range bounded by the resistance level of the 100-day moving average at $0.4828 and the support leve
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