XRP, at the time of writing, was trading at $0.190. The coin has been maintaining this trading range for quite some time now. The stated price area is acting as both resistance and support, as the coin moves directionless at present.
A further move will rightly help to justify the support and resistance. If the market faces volatility, the coin is expected to plunge to the lowest of the 52-week at $0.17, hitting the major supports. However, if there happens to be a progressive move, we are looking forward to trading persistently above $0.20. Moreover, the coin has been forming a narrow price trend after the coin marked the 52-week high around $0.55 until the time of writing, resulting into gradual declines.
Ripple Price Analysis
Analyzing the daily movement of XRP against USD on Poloniex, we see that the Ripple has given a declining price trend in the latter of the bygone year, the current movement is moderately above the marked 52-week low. The 20-day Bollinger Band assigned seems to be appearing for a narrow band width, which means that we can expect a stable movement around $0.19 for some more time. The current price trend is breaking out through the lower Bollinger Band and lacks support from the moving averages and the Bollinger Band Basis.
Only the short-term, i.e., the 10-day MA, is moving inside the 20-day Bollinger Band, while the 50-day and 200-day are away from the said range.
The technical indicators laid on the daily chart also confirm the current stable, yet slight volatile movement as the MACD of Ripple is moving below zero and just had a slight bullish crossover, which is temporary.
The RSI of the coin is at 38.66 and holds the strong possibility of a downside breakout if the coin lacks momentum to soar through the said resistance.
