Price Analysis

Daily crypto brief: Ripple (XRP) price spots another bullish divergence

After forming a weekly low at $0.4229, the coin spotted another bullish divergence above the $0.4300 resistance. Moreover, it broke the 23.6% Fib retracement level of the last decline from the $0.4811 high to $0.4229. With this, more people have started considering the coin for a good long-term investment option. But is this really worth considering?

There was an extended decline below the $0.4300 level in ripple price against the US dollar. The coin’s price declined further and broke the $0.4250 support area. After forming a new weekly low formed at $0.4229, it then spotted another bullish divergence above $0.4300.

Additionally, there are more bullish signs from the recent low, but the coin’s price is facing some resistance. There was a new bearish trendline formed near the $0.4450 on the daily chart. The same trendline is near the 38.2% Fib retracement level of the last decline from the $0.4811 high to the $0.4229 low.

Ripple Price Analysis XRP USD

Ripple’s price against the leading digital currency has also given a glimmer of hope to traders. One ripple is worth 0.00007025 BTC, which is still a great number compared to the weekly lows formed. As such, the platform remains to be one of the best long-term investment options alongside other digital currencies such as IOTA and Cardano.

The coin’s journey in the last month has been so bumpy. After facing many fluctuations in price, it ultimately succumbed to the lows in the last few days. Also, its price compared to bitcoin’s has dropped 13%. However, it has received critical support at $0.51 and has managed to recover. According to cryptocurrency experts, Ripple’s price will reach $4.5 and also achieve new highs as well. This is one of the main reasons why most experts believe it is a good investment opportunity.

Do you think Ripple will achieve new highs during recovery?

Share your views in the comments section below

coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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