Ripple Price Analysis: XRP Bulls Aims At Breaking $0.50 Resistance

After rebounding from the figure of $0.37 with a price rally of nearly 14 percent, the price value of Ripple’s native cryptocurrency XRP is constantly consolidating in the range between $0.40 and $0.44. However, the bulls are trying to get the fourth-ranked digital currency out of this consolidation zone and are aiming at breaking above the crucial resistance of $0.50 in the short-term case scenario.

XRP Statistics

According to the data from CoinMarketCap (CMC), the following is the statistical data for the fourth-ranked digital currency:

• Out of the total cryptocurrency market capitalization, the market of XRP is revolving at around $19,666,696,685.
• $8,358,459,457 is the 24-hour trading volume for the coin.
• While on the other hand, the circulating supply of the token is standing at around 45,404,028,640 XRP.

XRP Price Value

At the time of writing, the price value of XRP trading at around $0.43 with a change rate of 0.27 percent in the last 24 hours.

Price Analysis

Recently on the 1st of February, XRP saw its price rising up exponentially as the coin hit the figure of $0.71. However, after that, it has slowed down its pace as its price value is trading stable in the range of $0.40 – $0.44.

Source: Trading View

Bulls of XPR are currently targeting the next resistance that lies at $0.50. It will be a crucial breakout for the coin as it will once again initiate the bullish run for the coin. Though the trend line of XRP is currently showing a downward direction the remittance digital currency is not completely bearish and has a good chance of breaking the $0.50 figure.

Once the coin succeeds in breaking above this resistance level and gets support over there, it will look forward to moving past the next key price level of $0.60 so that it could retest its 2020 high of $0.76 again which was made by the coin at a time when the entire cryptocurrency market was standing at the highest value of the bullish run. Currently, it is trading at around $0.43, as per the CMC data.