Till 30th January, the XRP price trend was neutral. It was mainly trading within a small price range of approx. $0.27-$0.28. Thereafter, the XRP price skyrocketed. In the last 24 hours, the price touched a record high of $0.75. The reason behind this phenomenal rise is Gamestop’s price action largely manipulated by WallStreetBets – a Reddit community. As of 1st February, the XRP price closed at $0.37. A steep fall from $0.75 indicates that whales are dumping their holdings on a large scale. In other words, XRP sell-offs are dominating the market. https://ift.tt/3aiZt6k What Will the XRP Price Predict for the Days Ahead Currently, XRP is trading at $0.38. Both the MA and EMA have converged implying both are almost equal. However, their current values are slightly more than the current XRP price. The Bollinger band values suggest that the price is inclined more towards the upper band. But, since there is hardly any difference between the current price, MA, and EMA, it is too early to confirm an uptrend. The MACD and ‘signal’ lines have just gone above the zero line. The ‘signal’ line has a slightly higher value than the ‘MACD’ line. But, since the difference is minuscule, a bearish trend cannot be confirmed. Currently, the RSI is at 52%. Today, the RSI indicator was at 75%. This means for some time price had treaded into the ‘overbought’ region indicating high buying pressures. Thereafter, the price faced rejection at 70% and the RSI fell to the current level. The RSI values closer to 50% indicate selling pressures. Hence, the RSI indicator is giving credence to a bear-run. The A/D and OBV indicators are falling. Price is struggling to reach the $0.39 mark. This implies distribution or sell-offs are more. Thus, the XRP price may be on a downswing. The AO is just above the zero line. So, the ‘buy’ signals are not strong enough. It was negative, implying selling pressures, which are still in control of the XRP market. With most of the indicators giving bearish signals, we can say that the XRP price is going to fall further. Moreover, the current price is way below the Fibonacci pivot point of $0.49. If the XRP price falls below the first Fibonacci support level of $0.33, then the downtrend is confirmed. If it falls below the 2nd support level of $0.23, the downtrend will continue tomorrow.
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