News around XRP shows strong network usage and growing interest from big financial players, but not everyone in the community agrees on Ripple’s latest moves.
Goldman Sachs has a lot of money invested in XRP, about $154 million. This shows that big companies are really interested in XRP now.
The XRP Ledger is getting used a lot more. There are around 3 million transactions every day. This means that people are actually using XRP for things.
However, debate continues after Ripple announced a $750 million buyback, which some see as strengthening the company while others question whether it benefits XRP holders directly.
All of these things are keeping XRP in the news and traders are waiting to see what happens next, with XRP.
- Here’s What XRP Chart Is Showing
- What the Market Indicators Are Saying
- XRP Price Targets This Week
Here’s What XRP Chart Is Showing
We looked at the 4-hour chart. The XRP price has been going down since the beginning of January. The price was above $2.50 and then it kept going down.
It made highs and lower lows. In February the price dropped really fast and went down to around $1.11. Now $1.11 is a support level for the price.
After that drop the XRP price has been moving between $1.35 and $1.50. The XRP price has been going sideways. It is hard to say what will happen next.
When the XRP price gets to, around $1.40 buyers start to buy so the XRP price bounces back up… The XRP price is not going up very fast because the market is not very strong. The XRP price needs momentum to go higher.
The recent candles are not doing much, they are just moving a little. This tells us that people who buy and sell are waiting to see which way the XRP price will go.
For now it looks like the XRP price is getting ready to go down after going down a lot. If people who buy the XRP can get the price above the levels stopping it from going up then it might start to go up a little.
If the XRP price cannot stay above the support levels then the XRP price could go down to the lows we saw in February again.
Source: Coinank
What the Market Indicators Are Saying
CCI is down in negative territory at around -210. This tells us that the asset has been sold a lot. When CCI gets this low it often means the asset is oversold. This could lead to a short-term bounce if buyers step in.
The OBV shows that sellers were in control, during the drop earlier this year. However, the line has flattened recently, which means selling momentum is slowing and accumulation may be starting.
Funding rates are mostly negative. This means many traders are opening short positions, expecting the XRP price to fall. When the market becomes too short-heavy, it sometimes creates the conditions for a short squeeze upward.
The Williams %R oscillator is frequently moving near oversold territory as well. That tells us traders are still cautious, but it also suggests downside momentum may be weakening.
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XRP Price Targets This Week
The price of XRP is $1.41 right now. This level is like a wall that the price cannot break.
If buyers can get the XRP price to go above $1.50 things might start looking good for people who want to buy XRP.
Then people who trade XRP will look at $1.65. The price used to be supported at $1.65 before it went down in February.
If the XRP price can get a push it might go up to $1.80. This would be a recovery for the XRP price, in the short term.
On the downside, the $1.35 level is still important for buyers. XRP has bounced around this area during the current consolidation phase making the $1.35 level a key support for XRP.
If the XRP price falls below $1.35 the next major level is near $1.20, where buyers may try to step in to support it. A bigger drop could bring it back toward $1.11 the low reached during the February sell-off of XRP.
For now XRP seems to be building a base between $1.35 and $1.50. A clear break above resistance could change momentum upward this week for XRP while losing support may put the February lows of XRP back into focus.
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