XRP is in a phase of consolidation around $ 0.43. Synthetix remained above $ 19.6 as the bears tried to lower prices.
Ripple (XRP) price analysis
The 1-hour charts showed that XRP is in a phase of consolidation after a rise and denial to $ 0.62. The trade volume is also very low and strengthened the idea of consolidation.
The 100-period moving average (pink) was expected to serve as support, while the 20 and 50 SMA (white, yellow respectively) were too close to indicate the lack of momentum.
According to reports, the removal of XRP across multiple exchanges caused the transaction volume to drop by 12% in the last quarter. High trading volume will be an early indicator of the direction of the next move for XRP.
Synthetix (SNX) price analysis
While the parabolic SAR signaled a sell, the RSI made lower peaks to show that the bullish momentum was waning. The highlighted zone between $ 18.8 – $ 19.6 served as a demand zone, but bearish pressure could see this zone return to one from supply.
A drop below this zone and retesting as one of the supply would indicate another negative move for the SNX. This could possibly result in the price testing the $ 15.95-16.4 demand zone in the next few days.