The price of XRP over the last few weeks has struggled to break above key market resistance at $1.66, despite bullish price action to the upside. With current market uncertainties, the price is facing a key market reaction around its support zone of $1.3.
Key Takeaways
- XRP trades above $1.3, despite earlier bullish momentum, as on-chain indicators point to low interest from buyers.
- Whale activity, technical indicators, and price action for the crypto asset point to a potential market decline if the price fails around $1.3.
- BTC price action in the coming weeks could greatly influence the price of XRP either to the upside or downside as the price struggles.
Why is XRP Struggling for an Upside?
The cryptocurrency market continues to struggle to find strength to the upside in the last few weeks due to extreme market uncertainties, which have prevented the prices of many crypto assets from rising. The likes of BTC and XRP have struggled since the start of the US-Iran war.
These geopolitical events have prompted many traders and investors to carefully watch the market before deciding on their next move. A major price determinant in the crypto space remains BTC’s price action, despite other assets showing bullish price action to the upside.
With BTC struggling to find a strong price action to the upside, the likes of XRP tokens will continue to struggle despite interest from traders and whales in the crypto space looking to buy into the asset. While the market remains uncertain, the market structure for the crypto asset gives us a clue where the market is headed.
Technical Indicators Point to Bearish Price
Source – XRP 50-day and 200-day EMA from TradingView
Technical indicators such as the 50-day and 200-day Exponential Moving Averages (EMAs) have indicated that XRP’s price action appears to remain in a downtrend, as it trades below its 50- and 200-day EMAs following its price breaking below the $2 mark.
The price of the crypto asset must reclaim $2 for the price to demonstrate strength to the upside.
Market Structure – XRP Price Prediction for this Week
Source – XRP 1D Price Action from TradingView
XRP’s price action on the daily timeframe has been somewhat similar to BTC’s, as the price has struggled over the last few weeks. However, the price of XRP on a lower timeframe looks strong, holding above $1.3, which is acting as support, as the crypto asset trades towards the next key zone, which is acting as resistance around $1.6.
If the price of XRP loses its key support at $1.3, it could potentially see a price crash toward a region of $1. Current price action depends on BTC price action in the coming days or weeks.
FAQs
How much is 1 XRP right now?
XRP trades around $1.3, holding its key support zone, and is poised to move higher in the coming weeks if the market remains stable.
Will XRP reach $10 dollars?
While the possibility of XRP reaching $10 on speculation is never out of the question, it currently looks unlikely in the short term, while the long-term outlook remains high for XRP.
Why is XRP crashing?
The price has been falling amid recent market uncertainties stemming from the US-Iran war. While short-term price action struggles, the price looks strong long-term.
Related Read
How Will Bitcoin and Gold React to the US-Iran War?
Bitcoin Crashes to $68k as Iran Threatens to Shut Down the Strait of Hormuz
