A Big Upwards Or Downwards Move Is Imminent for the Price Of XRP

As is the case for many cryptos today, XRP is in the red after the past weekend. The remittance token is currently down by just more than 3% and now trades at $0.3427. Over the last day, the crypto was also able to reach a high of $0.3537 and a low of $0.3395. The crypto is also still in the red by 8.43% over the last week.

XRP / TetherUS 1D (Source: CoinMarketCap)

XRP also weakened against Bitcoin (BTC) and Ethereum (ETH) by about 3.11% and 2.79% respectively since yesterday. XRP’s 24-hour trading volume, however, is in the green zone and now stands at $603,752,975 after a 63% increase.

With its market cap of $17,241,856,622, XRP is currently the 7th biggest cryptocurrency in terms of market cap. This places the crypto right behind Binance USD (BUSD) in the 6th position and in front of Dogecoin (DOGE) which is ranked 8th.

EGRAG CRYPTO, a crypto educational platform, took to Twitter earlier this morning to share some insights on the price of XRP and what might be in store for the crypto in the near future.

XRP / TetherUS 1W (Source: TradingView)

According to the post, a big move is brewing for XRP, and the crypto is reaching the apex of several formations. The post indicates that the white box is a critical support area. If the price of XRP drops below this level, it could spell bad news for the crypto as prices could drop to June lows.

On the other hand, if a positive move above $0.55 were to happen, the XRP price could rise to $1.3 or $1.5.

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