A look over the charts for XRP shows some good growth since last week. However, there has been a bit of a flattening out, and even an inability to hold key support levels. This is key in trying to predict the next steps of XRP’s price, and technical analysis suggests that a small bear run could be imminent.
Ripple’s price failed to stay above the $0.3250 and $0.3200 support levels and declined against the US dollar. The price also failed to hold gains and declined recently against Bitcoin. XRP/USD could slide towards the $0.3050 support before starting a fresh upward move.
Because of these predictions, it might be time for some smart trading, selling some tokens for profit taking before looking for the bottom again and buying back in.
A look at the charts
Over the last five days, XRP peaked at $0.354 on Wednesday before correcting down and rebounding to $0.352; however, it has since fallen back to $0.342. There was some fight back from the XRP token to try and pick up those gains again over the last few days, but overall it has fallen twice, unable to maintain those support numbers.
After a period of trading relatively flat, and with indications showing it is struggling to hold its gains, the prediction would be that the price of the coin will face bearish tendencies in the short term.
More small drops can be expected, with undulating rises that fail to stick. It is not gloom and doom for the cryptocurrency, rather a period of correction after a good rise that set off the market growth earlier in the week.
For investors or traders, this is actually good news given that if the prediction is correct, there will be a chance for profit taking as people sell off tokens after the bull run, only to ride out the bearish run in order to buy back.