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Evai’s analytics platform CEO Matthew Dixon shared his views that Ripple (XRP) might experience a minor decline before gaining momentum for a higher surge. Moreover, will the price movement seen in the cryptocurrency this month continue in the future?
Ripple’s Preparation for Consolidation
When taking a closer look at XRP’s price chart, the token offers insights into resistance and support levels. After a period of volatile movement, the cryptocurrency might be preparing for price consolidation, which can often signal readiness for the next significant price movement. The Relative Strength Index (RSI), a momentum indicator used to measure the speed and change of price movements in cryptocurrencies, is currently below the overbought zone. This data could indicate that there is room for an upward movement without the concern of overextension.
Additionally, the 24-hour trading volume remaining strong could be a sign of ongoing investor interest. The current chart performance of XRP shows that XRP, trading at the level of $0.52, has risen to $0.5356 during a 24-hour period, showing stability. Its market value impressively stands at $28.78 billion, which could allow the cryptocurrency to take the sixth position in terms of market value.
XRP’s Exciting Adventure
Over the past thirty days, XRP’s journey in the cryptocurrency markets has been through a roller coaster of price movements and trading volumes. XRP started the new year on a high note, with its price hovering around $0.629 and its market value rising to $34 billion. Traders increased the volume to an astonishing $3.2 billion at the beginning of January, bringing excitement to a visibly high level.
However, the upward trend did not last long. In the middle of the current month, XRP’s price experienced a significant drop, reaching a monthly low of $0.5137. Nevertheless, the cryptocurrency did not stay down for long. Reflecting its known resilience in the crypto community, it pulled back to around $0.53 to end the month. Although trading volumes were lower compared to the beginning of the month, they managed to remain consistently high.
