After a strong setback due to the SEC process, the Ripple token has made a good recovery in recent weeks
The XRP had a few hectic months. Although regulatory problems surrounding XRP caused the price to drop in late 2020, altcoin was rising in late January 2021. However, its bullish momentum has stalled in recent weeks, with XRP continuing to maintain a sideways movement. prolonged price.
At the time of writing, the XRP was trading at $ 0.470, with a market value of more than $ 21.5 billion. It recorded a slight drop of more than 0.5 percent in the past 24 hours, with the next trading sessions likely to see further price corrections.
4-hour XRP chart
Source: XRP / USD, TradingView
The price of XRP has been limited for a time, with it continuing to trade between its immediate resistance of $ 0.499 and its closest support around the $ 0.435 price range. The XRP tried to break through the resistance level mentioned some time ago, but there didn’t seem to be enough momentum for altcoin in the short term.
Given the fact that the currency is in a period of consolidation, it is difficult to determine whether a short or long-term operation would work better in the short term.
The next day, if the bears take over, the XRP could reach the $ 0.43 price range. However, a drop below that level seemed unlikely, so far.
The technical indicators of the XRP highlighted the reversal of the trend that may be occurring. The MACD indicator is on the verge of a bearish cross with the signal line approaching a position above the MACD line. The RSI indicator noticed a little divergence, as it is closer to the neutral zone, but continued towards the overbought zone.
For XRP in the short term, two possible scenarios can unfold. The currency may undergo a trend reversal, leading to a slight drop in price. In that case, an assessment around the current level of support can be expected. On the other hand, the currency may also continue on its current path and see price negotiation aside in the next 24-48 hours.