Ripple’s XRP has been pushed down to the fourth spot in the top ten digital asset ranking by CoinMarketCap due to its performance. The price value of the coin seems to have got fixed around the $0.2 level and is unable to move from this price zone. XRP has been struggling for the past few weeks to get out of this range where its price seems to be trapped at the moment.
Over the course of the last five weeks, the price value of XRP is stuck there. This behavior of the fourth-ranked digital asset shows that it is turning into a stable coin.
XRP continues to trade sideways
The last week has also not been in the favor of the coin as the XRP has been continuously trading sideways while being in the triangle where it is trapped. The consolidation pattern is strongly holding XRP there though the coin tried to sneak through this pattern at the beginning of this month. eventually, the seller pushed the coin back into there.
Buyers have tried to take the coin above the 100-days EMA line but they could not do so and the coin is constantly trading beneath this line.
What is the best short-term case scenario for XRP?
Currently, the first target of Ripple (XRP) is to get out of the $0.2 zone. In order to do this, XRP needs to break above the first resistance level which stands at $0.21. If the coin succeeds to break above this level, it means that it has come out of the triangle. Here, the role of buyers is significant as they can push the price of the coin in an upward direction.
However, if sellers come in the way and push the price downward, then the coin has got the support of $0.2 which has been proving strong support for XRP since the beginning of June 2020.