Despite the ups and downs, XRP has a relatively higher position and is one of the leading cryptocurrencies. It is the first cryptocurrency of its kind and has brought tremendous value to investors because of its popularity and practical use cases. XRP currently ranks 6th in market capitalization with total working capital of $ 50.94 billion. This asset was considered given its only 46% circulating supply of its total coins.
XRP has delivered a high yield of 420% since the beginning of this year. However, it has not been able to reach a new all-time high since December 2018. Fight, competition, legal process and controversy weigh heavily on this digital asset. In fact, XRP is one of the few cryptocurrencies that works with fiat currencies.
XRP price analysis
XRP price action seems problematic in the short term and such uncertain candles could prolong the volatility we are seeing here.
XRP price prediction chart
XRP has proven to be a positive asset after three months of downtime between May and August 2021. The industry-wide rally that followed helped XRP climb from $ 0.51 to a high of $ 1.40 but failed to hold its gains. The resulting profit posting has shown the weakness of the price movement of this cryptocurrency compared to Bitcoin and ETH. On the other hand, the prolongation of the SEC lawsuits to create internal conflicts with holders of these coins who are giving up their positions in the hope of realizing higher profits with the volatility ahead.
Since last week’s September support of $ 0.8744, dark clouds have been attracting XRP despite a positive move. The price movement on one day was very volatile and hit new highs and lows on the same day. This scramble has reduced buyer interest, as indicated by the RSI, which drops from 59 to 48 and continues to decline. The MACD, on the other hand, has given a clear signal of bearish crossover which is worrying for those trapped in high-loss XRP.
While breaking 200 levels of DMA should be a challenge, we’ve seen sudden purchases every time XRP breaks that level. According to the Ripple Price Prediction by CryptoNewsZ, the rise from 200 DMA levels to over $ 1 could be positive after breaking that level, but it will be a risky game.