Over the last few days, the price of XRP has been trending laterally. It is currently at $0.36. The coin has finally overcome resistance from $0.35 and moved past that price limit.
Altcoin trades in the green for the past 24hrs, rising by 1.5%. Over the last week, XRP has appreciated by more than double its value. Recently, XRP announced plans to expand its operations into Canada as a way to create a Crypto Hub.
Positive sentiments were displayed as XRP managed $0.38 on the chart. It pulled back shortly after reaching $0.38. The coin’s buying power increased due to price optimism. It was also overbought in the past few days.
After the price correction, XRP fell from its overbought area. With a current market capitalization of $1.01 Trillion, there is a global cryptocurrency market. Positive 1.4%Changes in the past 24 hours
XRP Price Analysis: Four-hour Chart
Altcoin trades at $0.36 per hour on the 4 Hour Chart. The overhead resistance was at $0.38. However, the coin fell just after hitting the price. Technically, the coin’s outlook for bullishness was positive.
If XRP reaches the $0.38 threshold, the coin could be trading at $0.46. XRP might then attempt to surpass the $0.38 resistance level.
The immediate support level of the coin was $0.34. The altcoin could fall below $0.34’s support line to reach $0.29. A significant drop in trading volume indicates that buyers have also fallen on the charts.
Technical Analysis
Altcoin’s buying strength was noted on the chart. XRP has finally crossed the overbought threshold. This was the first time that the altcoin had been overbought since the beginning of the month. At the time this article was written, it had a positive Relative Strength Index.
This indicator was at or above 50, which indicates strong buying power. Although there was a small decline in the RSI for the coin, it showed that the market had more buyers than sellers. XRP was higher than the line on the 20-SMA. This means that the market was driven by buyers.
Also, the coin was above the 200-SMA Line which is extremely bullish. But, if the buying pressure decreases, the bears might be back.
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After a significant rise in buyer strength, the coin flashed a sell sign. A Moving Average Convergence Divergence is a sign of price momentum. It also indicates reversals. MACD was subject to a bearish cross-over, and the red histograms signaled a sell signal.
This was consistent with the RSI’s downtrend. Average Directional Index indicates a price trend. The indicator was elevated above 20. This reading suggests a possible continuation of price action in that direction.
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Featured Image from UnSplash. Chart by TradingView.com