XRP is the currency that runs on a digital payment platform called RippleNet, which is on top of a distributed ledger database called XRP Ledger. The RippleNet payment platform is a real-time gross settlement (RTGS) system that aims to enable instant monetary transactions globally. While the idea behind the Ripple payment platform was first voiced in 2004 by Ryan Fugger, it wasn’t until Jed McCaleb and Chris Larson took over the project in 2012 that Ripple began to be built. At the time, it was also called OpenCoin.
Let us look at the technical analysis of XRP.
XRP opened at $1.09 on October 22, 2021. On October 28, 2021, it closed at $1.06. Thus, the price remained relatively stable across the week, with a change of 2.75%. In the last 24 hours, it traded between $1.03 and $1.085.
The XRP is trading in a box for a while. The movement is between the resistance at $1.165 and the support at $0.945. An uptrend can be seen, if the price breaks the first, second, and third resistance at $1.107, $1.165, and $1.233, respectively. However, if the price falls below the supports at $1.016 and $0.945, then a downtrend may be seen. The current trading price is $1.064 which is 0.58% higher than the previous day’s close.
OBV is showing that the buying and selling volumes are almost equal. This means the price has a balanced pressure, and thus it may remain inside the box.
RSI is at 48.62% and is moving below the equilibrium. This is a signal that XRP has low strength and the price is likely to decline.
MACD graph is showing negative signals as the MACD line and the Signal line both are negative. The fast line is currently below the slow line.
In short, the traders may hold their current positions as the bulls and the bears seem to be equally strong right now. They can keep the stop-loss at $0.921.
FIB numbers show that the price took support at the Fibonacci pivot at $1.02. The next pivot will be tested at $1.1.