XRP Price Prediction –XRP Jumps 4%, Can it Keep Going Higher?
XRP, the native cryptocurrency that powers Ripple’s global blockchain-based payments system, has jumped around 4.0% from the monthly lows it printed on Wednesday under $0.3750. The cryptocurrency was last changing hands just below $0.39 per token on Thursday, up about 1.3% on the day and 1.2% in the last 24 hours, according to CoinMarketCap. However, near-term price predictions remain fairly neutral.
For now, XRP’s 21 and 200-Day Moving Averages and the 61.8% Fib retracement from the September highs above $0.55 back to the early summer annual lows under $0.29 are all acting as a magnet for the price action. According to the 14-day Relative Strength Index (RSI), which was last around 46.5, XRP’s is fairly priced at the moment with markets likely evenly positioned. That implies plenty of room for bullish or bearish momentum to come in before any discussion of conditions becoming overbought or oversold begin.
XRP appears to be at a crossroads. It looks to be around the middle of both short ($0.37-42) and longer-term ($0.31-55) ranges. The $0.42 area is a formidable area of resistance – it has consistently acted as both resistance and support since late July and is where the 100 and 50DMAs reside. It will probably be a struggle to get back above this week, even if Friday’s US inflation data surprises to the downside and lifts macro sentiment.
A steady crawl lower to $0.31 support, which is roughly where the post-FTX collapse lows are, could be on the cards if US equities continue pulling back from highs. But with the US dollar in a clear weakening trend right now, it is difficult to bet on a big further crypto price decline, unless something happens to reverse its weakness (continued global recession fears?).
XRP might well
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