Ripple (XRP) Price Analysis
Ripple (XRP) plunged after breaking below its 20-day moving average over the weekend. Prices plunged more than 7% on Thursday as bears dragged XRP below $0.45 to $0.433. XRP fell 1.73% on Friday to close at $0.425 after earlier falling to a low of $0.381. The long tail suggests that investors are buying on dips and there is strong demand at lower levels. On Saturday, XRP rebounded strongly from this buying pressure, rising 5.64% to $0.449. However, it failed to break above $0.50 and fell back into the red on Sunday, falling nearly 7% to $0.41.
In the current session, XRP fell to an intraday low of $0.40 before buyers once again bought on dips, pushing the price up to the current $0.430, an increase of more than 2%. Looking at the RSI, we can see that it has fallen into the oversold zone on Friday. If XRP can maintain its upward momentum, we can see the price rise to the 20-day moving average, which is currently at $0.47. However, if the sellers regain control of the situation, they may try to push XRP below $0.40.
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