What to Expect From The XRP Price Heading Into The New Week
As the market is once again showing signs of recovery, most of the top 10 cryptocurrencies are trading in the green for today. The same can be said for the altcoin XRP. CoinMarketCap indicates that XRP is trading hands at $0.3808 after a 2.69% increase in price over the last day. The crypto is also in the green by more than 4% over the last seven days.
At the moment, XRP’s 24 hour trading volume is in the green zone and stands at $1,123,704,079 after a more than 50% increase since yesterday. With its market cap of $19,324,115,366, XRP is currently ranked as the 6th biggest crypto in terms of market capitalization. This places it right behind USD Coin (USDC) in the 5th position and in front of Cardano (ADA) which is ranked 7th on the list of the biggest cryptos.
Daily chart for XRP/USDT (Source: TradingView)
The daily chat for XRP/USDT shows that XRP’s price is trading above the support zone between $0.3520 and $0.3686 at press time. Additionally, XRP’s price is also trading above the 9-day and 20-day EMA lines. These lines have been strong resistance levels for XRP during this crypto winter.
The break above the 9-day and 20-day EMA lines may be short-lived and XRP’s price may retrace in the coming 24-48 hours. If XRP’s price is unable to close today above the two EMA lines then the remittance token’s price will likely recline to $0.3686.
On the other hand, closing today’s trading session above the two EMA lines will see XRP’s price make a move to the next resistance level at $0.4031.
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