XRP has been doing quite well despite the lawsuit against its parent company Ripple, by the U.S. SEC. Due to this lawsuit, a lot of crypto exchanges have either delisted XRP or suspended trading for it. According to the SEC, XRP is a security, and Ripple is accused of offering illegal securities. Yet, the currency races ahead. Past Trends in XRP On February 2, 2021, XRP opened at $0.37. As of February 8, 2021, XRP closed at $0.45. Thus, the XRP price has surged by approx. 22% in the past week. Therefore, the price trend has been positive. In the past 24 hours, the XRP price has fluctuated between $0.42 – $0.49. https://ift.tt/3jGOF6A How XRP Price Looks for Trades Ahead Currently, XRP is trading at $0.47. The price has moved up from the opening price of $0.45. However, the SMA and EMA lines are above the price line. Moreover, the price is closer to the lower Bollinger band indicating high selling pressures. Thus, the price may start falling soon. The A/D and OBC indicators have started declining. The market is steadily losing its breath implying higher offloading by whales. The ADX indicator is also falling implying that the bullish momentum is weakening. There is a bearish divergence and hence we can expect a trend reversal. The MACD and signal lines are very close to the zero line. They will turn negative soon by crossing below the zero line. A bearish crossover by the MACD line over the signal line implies that the XRP price will start falling. The AO indicator has turned negative too. It implies strong ‘sell’ signals. A few hours back, the RSI indicator had risen above 70% into the ‘overbought’ territory. Now, it has fallen to 48% indicative of an intermittent price pullback. It also means that whale distributions are higher than accumulations. Presently, the XRP price is treading above the Fibonacci pivot point of $0.45. It is moving closer to the first Fibonacci pivot resistance level of $0.48. By the end of the day, if the XRP price surpasses the second and third Fibonacci pivot resistance levels of $0.50 and $0.52 respectively, then the price uptrend will continue. The price is currently at the 23.6% FIB retracement level of $0.47. If the price falls below the 61.8% Fibonacci retracement level of $0.46 and further below the 38.2% Fibonacci retracement level of $0.45, then a downtrend may be on the cards. However, as of now, a bearish trend does not seem imminent. The bearish swings indicated by the technical oscillators point towards temporary price corrections amidst an overall positive trend. We can expect a positive trend for XRP price tomorrow as well.
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