Prasanna
In the past few days, the crypto market is bleeding. There could be numerous reasons why the market displays poor performance. This post is all about the XRP price analysis. For XRP, things didn’t go as intended as well and prices dropped strenuously. In the last seven days, the Ripple price has decreased by almost 40%. At the time of writing this, the price is sitting at $0.38, The important question here is that is there a big money in the XRP price? Let’s take a look at it in more detail.
XRP Price Analysis– Ripple is at a BUY ZONE?
XRP/USD Weekly chart – TradingView
If we thoroughly examine the most elevated price of XRP in 2022, we can notice an evident decrease of about 68% in prices. This might unnerve investors and make them change their investment strategies, but at the same time, this offers a significant chance to purchase at cheaper prices. In fact, XRP prices dropped towards an extremely powerful support area, which earlier was a resistance. This is a reasonable prospect buy area. In figure 1, we can notice this practice of resistance moving to a support area.
XRP Price Analysis: How can investors place their trade structures?
Well, investors can purchase XRP at today’s prices, and put a stop-loss roughly at USD 0.31 and a take-profit zone of about USD 0.45. This design could be a profitable trade, particularly since XRP generally weakens when analogized to other cryptos in price-action activities.
Why is XRP Price Down?
The Ripple price has been on a sidewards movement since the crypto market collided back in November 2021. The trend is delimited between $0.30 and $0.45. Day traders managed to profit immensely from this price movement, as taking proper steps becomes remarkably predictable when switching. Traders will simply purchase around the $0.38 area and sell around the $0.45 or $0.50 zone.
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XRP Price Analysis– Will Ripple Price Rebound higher?
XRP/USD Daily Chart – TradingView
Extending a buy position at the present price is definitely an acceptable view, as prices are predicted to rebound higher. Of course, putting an acceptable stop-loss should be in position, especially around $0.32. On the other hand, the upside will definitely be an earlier noteworthy price zone. The first mark could be around $0.45, the second around $0.60. The latter could give a high return if investors put a buy order today.
The Crypto Market at a Glance
In the past 24 hour, the entire cryptocurrency market is dropped by more than 15% on an aggregate level. XEC, GRT, and FTM were among the top losers, colliding by -44%, -43%, and -42% respectively. Other than stabelcoins (not UST), AXS and TRX contained to maintain their positions, barely earning 4% and 2% respectively.
1- Bitcoin (BTC): – 10.0 %
2- Ethereum (ETH): – 18.4 %
3- Tether (USDT): 0 %
4- USD Coin (USDC): 0 %
5- Binance Coin (BNB): – 11.- %
6- Ripple (XRP): – 21.4 %
7- Binance USD (BUSD): 0%
8- Cardano (ADA): – 24.7 %
9- Solana (SOL): – 21.8 %
10- Dogecoin (DOGE): – 21.9 %
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