The post Why is XRP Price Stagnent? Insights From Crypto Expert Peter Brandt appeared first on Coinpedia Fintech News
Recently, XRP’s market performance has grabbed the attention of an esteemed trader. Peter Brandt, a market trader with almost 50 years of expertise, recently explained XRP’s poor performance to an XRP fan using XRP’s market chart.
According to Brandt, his opinion of XRP’s market chart was pretty neutral; he said that nothing extraordinary stuck out to him.
To back his analysis, Brandt referred to XRP’s candlestick patterns over a 30-day timeframe, highlighting a flatlining 18-month moving average. This indicates that XRP’s market lacks a clear trend, either upward or downward. Honestly, Brandt’s analysis suggests that the market for XRP is currently stagnant, lacking any significant movements that could boost investor confidence or excitement in the token.
Looking ahead, market participants are contemplating two divergent scenarios for XRP’s trajectory. In the growth scenario, observers emphasize the importance of XRP surpassing and maintaining price levels above the psychological barrier of $0.60. At this point, analysts, like Dark Defender, have suggested that if XRP manages to reclaim $0.6649, it could potentially trigger a rally toward $2.
On the flip side, a decline scenario for XRP’s price hinges on the cryptocurrency breaking below critical psychological support levels, such as $0.50. This bearish outlook could be fueled by a further drop in the price of Bitcoin, and shaken belief in XRP, possibly due to regulatory concerns or other negative factors.
Will XRP Rise Above $0.60?
XRP struggles at $0.54, facing resistance at $0.52 amid ongoing selling pressure. If buyers fail to halt the selling pressure, XRP’s price may drop to $0.52 in the short term. Additionally, RSI indications suggest previous attempts to sustain a bullish momentum have been rejected. A continued decrease in RSI reading could lead the token’s value to slide down to $0.50. However, if XRP holds above $0.54 or surpasses the $0.55 resistance, the price could return to $0.57, where there was a substantial demand for the token. Hence, closing above $0.57 might pave the way for XRP to reach $0.63.
Currently, XRP is trading at $0.5387, showing a 1.77% decrease over the past day and a 4.36% decline over the past seven days. But despite a rough patch XRP has managed to sustain a 5.3% gain over the past 30 days, indicating some resilience in the face of short-term fluctuations. However, the overall sentiment remains cautious, with uncertainty looming over XRP’s future trajectory in the overall cryptocurrency market.
