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Following the Correction, XRP Enters the Consolidation Phase as it Targets $0.60




With XRP back above $0.50, it seems Ripple’s native is through its correction phase and now it consolidates.

XRP’s Correction

After XRP hit $0.58, the highest level since May 2022, the coin entered the correction phase. Just a few days after, on April 1st XRP dipped down below the $0.50 price mark. Since then the coin’s behaviour has been rather stagnant as the price stayed between $0.48 and $0.52, with the average price remaining just above $0.50.

Currently trading at $0.51, XRP is up 3%  on the day. However, over the week the coin is still down by 4%. Looking at the charts there looks to be a clear rally emerging.

XRP to $0.60?

XRP’s RSI that had reached the level of 74 is now down to 60, quite a decrease. It is to be noted that the RSi is a great technical indicator of a coin’s future price behaviour. RSI of above 70 means that the coin is overbought, and of below 30 means that the coin is oversold.

Now that XRP’s 14-day RSI is at 60, theoretically, the indicator is neutral and the coin may go up or down depending on other factors. Notably, considering that the XRP’s RSI has taken a sharp dip, it is highly likely that the coin may go upward.

Further, XRP is currently trading above its 200-day SMA (Simple Moving Average) and EMA (Exponential Moving Average) of $0.41, which confirms the coin’s potential upwards rally.

Now, it is just a matter of time how long does XRP take to turn bullish. Taking into account all the technical indicators, XRP would target $0.60 in the coming weeks. Nevertheless, any positive development in the SEC-Ripple lawsuit may drive XRP even further.

Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

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