XRP is consolidating above $3 as buyers take a pause. What’s next for Ripple’s token?
Ripple (XRP) Price Predictions: Analysis
Key Support levels: $3
Key Resistance levels: $3.2, $3.6, $4
1. XRP Reclaims $3
In the past week, buyers managed to take XRP above $3 and consolidate the recent gains. This is excellent news, especially because sellers tried to push the price under, but failed. However, this success appears fragile considering the low buy volume after such a move.
2. Momentum Consolidates
If we look at the price action since July, we can see that XRP has been hovering around $3. This period could be interpreted as a significant and long consolidation before the next major move. The current resistance is at $3.2 and would have to break to put buyers at an advantage.
3. Volume Continues to Fall
While the asset managed to move above $3, the volume did not show excitement when it happened. On the contrary, the volume has been falling for months, and this shows a lack of interest in this cryptocurrency. This also explains why momentum has been relatively flat lately.
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