Key Insights
- XRP experienced a new wave of bullishness like most of the other cryptocurrencies this week
- However, the bullishness on XRP compared to the rest of the top 25 cryptocurrencies wasn’t very strong.
- Interestingly, the price of XRP appears to have formed an ascending trendline.
Despite struggling to find footing in price action last week, XRP experienced a new wave of bullishness like most other cryptocurrencies this week.
However, the bullishness on XRP compared to the rest of the top 25 cryptocurrencies wasn’t very strong. While most others have gained double-digit percentages, XRP is only up by 4.14% over the last week.
Ripple (XRP) Price Analysis
A closer look at XRP’s 4-hour chart shows that the cryptocurrency has been between the $0.4198 support and the $0.55 resistance for the last 30 days.
As illustrated by the Fibonacci retracement on the chart above, the last retest of the $0.42 range happened around September 20, after which the price started to ascend.
However, the bullish momentum appeared to wane around the $0.55 zone. XRP started to trend downwards and even retested the $0.42 support.
The price of XRP appears to now be held down by the $0.47 resistance, which is also validated by the 200-period moving average (cyan line).
The RSI on XRP’s charts also shows neutral conditions and may be gearing up for a bullish crossover that takes it into a breakout from the $0.4697 resistance in the coming days.
If XRP breaks through this resistance to the upside, the next bullish target is the $0.55 resistance, which would be a 23% move to the upside.
Interestingly, the price of XRP appears to have formed an ascending trendline. A potential bounce from this support level may bring some interesting price action to Ripple that may be worth studying and analyzing in the coming weeks.
3 Billion Ripple Released From Escrow In Q3
Sequel to the current struggle between Ripple and the US Securities and Exchange Commission, Ripple Labs, the parent company of the cryptocurrency, Ripple has released their Q3 2022 report.
In this report, about 3 billion Ripple Coins were released from the company’s escrow accounts in three months, from July to September.
In later developments, however, Ripple returned about 2.1 billion coins to the escrow account to control the cryptocurrency’s circulating supply.
Ripple returning 2.1 billion coins to the escrow accounts would mean that only about 900 billion coins entered the market in the third quarter of this year. Considering how a flood of market coins would have drastically affected its price, this seems fair enough.
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