At the time of writing, the trading price of Ripple (XRP) has been hovering in a tight spot. The trading price of XRP has been hovering in a particular range for a while.
XRP Hovering in a Tight Range
The price chart for XRP shows that the trading price of XRP is hovering in a tight range. A look at the graph shows that the tight range has a bottom and a top price.
The bottom price for XRP is currently $0.33 while the top price for XRP is $0.35. It is worth noting that the orientation of XRP is towards the bottom side.
The price movement shows that it has been almost four days since the trading price of XRP is hovering in the particular zone.
Indecision between the Bulls and the Bears
The to-and-fro movement of XRP suggests that the investors are not sure whether they should support the bullish trend or the bearish trend.
As of now, it seems that XRP has entered a loop where it has been circulating for the past four days. The short-term investors seem to have established this loop where they are supporting XRP as it rises all the way up to $0.35.
Just as the price of XRP is about to cross the particular level, the buyers withdraw, causing the trading price of XRP to plummet. However, they come in to support XRP the moment XRP’s trading price hits the usual bottom.
For now, it seems that the trend is in the hand of short-term investors. They may continue doing it until they witness a drastic change in the cryptocurrency market that may impact XRP on a larger scale.
However, the impact can either be positive or negative but it will eventually push the investors to decide which side they need to pick.
XRP’s Range to Fall Deeper
For now, it seems that the bulls are able to protect the $0.33 with quite an ease. However, if the bears increase the selling pressure, then the strong support level at $0.33 may break.
Then the trading price of XRP may fall below the $0.30 mark. Lowering the XRP price below the $0.30 mark would allow the short-term investors to profit from the situation once again.
If the value of XRP falls below the $0.30 level, then the short-term investors may expand their loop range to $0.30 to $0.39.
XRP Price to Hike to $0.48
On the contrary, XRP seems to have thriving days ahead as the adoption level for XRP is rising continuously.
XRP is constantly expanding its service network across the world opening offices in Canada, and New Zealand, and growing firmer in Japan.
As these positive factors keep adding up, they will boost the morale of the buyers. They will gain enough confidence to break the loop and push the trading price of XRP over $0.48.