Since 2020, XRP has struggled to remain relevant and valuable to its investors. The U.S. Securities and Exchange Commission’s attack on the project caused a drastic drop that no one expected. However, amidst the current case, XRP showed resilience, leading supporters to praise it as an asset to watch.
While the price has seen some pullbacks and rallies, the trend is consistent with the fluctuations in the overall crypto market due to environmental factors. But today, the global market capitalization increases by 0.06%. XRP outperformed the top five assets with a 2.33% price gain in 24 hours.
XRP price gains even with declining network activity
The current price outlook for XRP is positive. The controversial asset is trading above its 50-day and 200-day simple moving averages.
XRP price is $0.4814, up 2.33% in 24 hours. The seven-day price gains also show an increase of 5.89% in the same time frame. The hourly price change is also green and CoinMarketCap data indicates that the asset has registered a 2.87% price change since yesterday’s closing price of $0.4803.
The difference between XRP’s opening and closing price indicates an upward trend since April 28, which continues today. There is hope for more gains as it stays above its SMAs.
However, the trading volume is down 48.86% in 24 hours. This points to the traders’ uncertainty, given Judge Torres’ forthcoming summary verdict.
XRP technical outlook
The Simple Moving Average (SMA) indicator calculates the closing price of XRP in the nearest days. Because XRP is trading above its 50 days and 200 days Simple Moving Average (SMA)there are strong bullish signals in the market in the coming days to weeks.
During the past 39 days, March 21, 2023, there were sustained buy signals from the 200-day SMA, while the 50-day buy signal occurred in the last two days, April 27. rallies, resulting in price volatility for the asset.
On the other hand, the Relative Strength Index (RSI) value of XRP is 49.02 at the time of writing. The upward move shows that the indicator is gradually approaching the overbought area (above 70). So there would be a possible price increase for short and long term trades.
XRPs Moving average convergence/divergence (MACD) is below the signal line, confirming the asset’s current price decline. However, the faded histogram bar indicates possible price growth in the coming days.
The asset’s support levels are $0.3074, $0.3622, and $0.4105, while its resistance levels are $0.5527. XRP is trading below its $0.5527 resistance. If the rising pressure continues, the asset could break this resistance level.
According to the aforementioned indicators, XRP has promising price prospects for the next few days and could stretch to weeks. So expect more rallies.
Featured Image/Pexels and Chart/TradingView
