XRP, the native token of Ripple’s open-source XRP Ledger, displays positive technical signals despite recent volatility in the broader crypto market.
The cryptocurrency exhibits relative strength compared to Bitcoin, and short-term price forecasts suggest potential upward movement. Over the past 24 hours, Ripple (XRP) has increased in price by 4.3%.
Analyzing XRP’s technical indicators reveals a mixed picture, with some positive signs. The 5-day and 20-day moving averages have formed a bullish crossover, suggesting potential upward momentum. However, bearish crossovers are evident between the 20-day and 50-day moving averages and the 50-day and 200-day moving averages.
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The 14-day Relative Strength Index (RSI) stands at 46.58, indicating neutral territory, while the MACD remains in negative territory at -0.28, signaling bearish momentum. The Stochastic oscillator, at 47.85, also reflects a neutral range.
Pivot levels show the classic pivot point at $44.05, with support at $43.51 and resistance at $44.51. The Fibonacci pivot point aligns similarly, with support at $43.67 and resistance at $44.43.
According to analysis from Changelly, XRP’s price is forecasted to rise by 26.73% to reach $0.532887. Further projections are more bullish, anticipating XRP reaching $0.610894 and an average of $0.637 throughout 2024.
However, the analysis advises caution, noting that long-term cryptocurrency price predictions, especially for a 10-year horizon, are highly speculative.
Ripple is trading at $0.43, with a 24-hour trading volume of $916.8 million.
Read more: XRP price outlook: Ripple’s underperformance explained