XRP, the native token of Ripple’s open-source XRP Ledger, is showing positive technical signals despite recent volatility in the broader crypto market.
The cryptocurrency is showing relative strength compared to Bitcoin, and short-term price forecasts point to a potential upward move. Over the past 24 hours, the price of Ripple (XRP) has increased by 4.3%.
Analysis of Ripple’s technical indicators reveals a mixed picture, with some positive signs. The 5-day and 20-day moving averages have formed a bullish crossover, indicating a potential upward momentum. However, a bearish crossover is evident between the 20-day and 50-day moving averages and the 50-day and 200-day moving averages.
The 14-day Relative Strength Index (RSI) is at 46.58, indicating a neutral zone, while the MACD remains in a negative zone at -0.28, indicating bearish momentum. The Stochastic Oscillator, at 47.85, is also reflecting a neutral range.
The pivot levels show the classic pivot point at $44.05, with support at $43.51 and resistance at $44.51. The Fibonacci pivot point corresponds similarly, with support at $43.67 and resistance at $44.43.
according to analysis According to Changelly’s prediction, XRP price is expected to rise by 26.73% to $0.532887. Other predictions are more optimistic, with XRP price expected to reach $0.610894 and average $0.637 throughout 2024.
However, analysts advise caution, noting that long-term cryptocurrency price forecasts, especially for a ten-year time horizon, are largely based on speculation.
Ripple is trading at $0.43, with a 24-hour trading volume of $916.8 million.
