XRP one of the crypto that is in the bear trap for a long time.
Ripple’s XRP is one of the crypto that is in the bear trap from last many days. Although the price of many other cryptocurrency have increased in the last bull run but XRP still has not joined the bull run.
Recently Ripple has also partnered with Ria Money Transfer, which is a subsidiary of Euronet Worldwide. Ria currently has $40 billion in money transfer volume per year making it one of the largest payment service provider. Basically, Ria will be using RippleNet technology to enable faster, lower-cost payments for millions.
Although partnering with such a large payment provider the price of XRP has not corrected yet. Ripple’s XRP is trading near around $0.30 from a long time.
Ripple XRP/USD Price Analysis
At the time of writing this article, XRP is valued at $0.305545 USD with a price change of +2.45% in the last 24 hours. The market cap for XRP till press time is $12,859,483,937 USD.
Ripple’s XRP Price Chart by TradingView
After looking at the daily price chart it seems that XRP will be in the bear trap for some more time. Almost all the moving averages and Oscillators are in the bear zone indicating towards a selling pressure zone.
Volume Weighted Moving Average (20) and Hull Moving Average (9) both are in the selling pressure zone with a value of 0.31461 and 0.31789 respectively.
Relative Strength Index (14) is 50.74676 which is just in between the buy and sell pressure zone.
MACD Level (12, 26) for XRP on daily basis is -0.00265 which is indicating a positive sign for it.
Conclusion
After analyzing the price trend of Ripple’s XRP it can be concluded that it will trade in the bear trap for some more time till a massive breakout.
This article should not be considered as investment advice. Please conduct your own research before investing in any cryptocurrency.