Despite the recent sluggishness of XRP, the token is performing significantly better compared to other coins. Bulls successfully protected $0.3 and attempted to reverse the trend by breaking through the critical resistance.
As the price has not fallen following a false breakout, this indicates that the bulls may be stronger than the bears. This is a good indicator that the volume has increased.
XRP traded at $0.364 as of Monday, up 12% from the prior seven days.
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Image: The Coin Republic
Straight Green Candles from XRP
Ripple’s three consecutive green daily candle candles have been lit. Purchasers were also able to raise the price 15% up until Friday evening. However, the main concern is whether or not this rally will be enough to stop an intermediate-term bearish trend.
Daily, the buyers drove the price to $0.4, the horizontal resistance that was holding the market at the moment. This attempt for the third time to break the critical breakthrough.
The 14-day RSI indicator entered positive territory and surged past the baseline at this time. The bulls now have a greater dominance than ever before.
Ripple has not been able to achieve a higher daily high for a quite a long time. Since May this year, sellers have kept the bulls from surpassing the previous peak (in yellow).
TradingView.com: Imge
To begin a trend reversal, XRP needs to first reach a higher level than $0.4. This is where bearish momentum might eventually start to decrease.
The bulls should then barrel past the horizontal barrier between $0.50 and $0.55 (in blue) before retesting the falling trendline (in red).
The token might benefit from the removal of the static red barrier, which has been obscuring the price for some time.
Global Crypto Market Captured 1.35%
CoinMarketCap data at the time this article was written shows that the global market capitalization for cryptocurrencies has increased by 1.35 per cent over the past 24 hours to $980 billion.
Total market capital for XRP at $17.6 Billion according to the Daily Chart | Source: TradingView.com
While the 24 hour volume of cryptocurrency markets worldwide fell 1.7%, to $61 billion (DeFi’s volume at the same time was $5.55 trillion), representing 9.0%, it still represents 9.0%.
The volume of all stablecoins was $55.63 billion, or 90.72 percent of the 24-hour volume of the whole crypto market.
XRP has been experiencing resistance around the 50-day average. If there is a breakthrough, it will mark the first time since March 9 this year. However, before there can be a possible reversal, the price needs to first stabilize above $0.48-$0.22.
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Featured image taken from The Merkle News. Chart by TradingView.com