As it will be remembered, the interest rate hikes from the FED front had squeezed the XRP price into a certain range.
On the other hand, things are going well in the ongoing lawsuit with the SEC. As Koinfinans.com previously reported, several companies have announced that they support Ripple. This too XRP found a positive response to its price.
In addition to the ambitious appearance in XRP, a strong increase can be seen in the trading volume of the altcoin. In today’s transactions, large transactions involving 300 million XRP were also recorded.
There is also an increase in XRP’s market cap dominance. If this increase can increase by 20%, there will be a strong increase in the price of XRP.
As a matter of fact, the technical indicators on the daily chart do not confirm this positive outlook. The technical indicator that traders should watch out for now looks ‘negative’. The relative strength index (RSI) currently slopes ‘negative’. This is because of the last 24 and 48 hour charts.
XRP price If it continues to decline, there are chances of a drop to the EMA 20 level near $0.4720. If the EMA struggles to maintain its support, it will fall below the 50 EMA level before entering the consolidation phase.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.