XRP price was consolidating in its hourly chart. The market has seen the bears withdraw but they are still trying to keep the price below its immediate support. Despite the 1.5% appreciation over the last 24 hours, XRP price doesn’t seem to be out of the woods yet.
The coin’s price has remained above its vital support level for the past week, but it lost 10% over the course of the past one-week. The coin’s technical outlook also showed bearishness. The altcoin trades sideways, after XRP lost $0.39.
It is essential that the XRP price rises above $0.34 to allow the coin’s movement upwards. The chart showed a significant drop in buying pressure, which is a sign that the price has fallen.
Other altcoins are also showing a downward trend as Bitcoin is moving lower on the chart. Further downward movements could occur if XRP prices fall below the support level.
XRP price analysis: four hour chart
Altcoin traded at $0.34 as of the writing. It is crucial for the coin to maintain its price above the immediate support level of $0.33. A drop below this level will result in the coin trading at $0.29, which could lead to a long-term low.
Overhead resistance of the coin was 0.37, and should it fall below this price limit, then the next target is $0.40.
Since the loss of its $0.36 long-term holding support, the coin has been moving southbound. XRP will gain some value if it moves above $0.34.
The last trading session saw a drop in XRP, which suggests that there was a decrease in buying strength.
Technical Analysis
Sellers have re-entered the market due to the fall in altcoin’s price. The buyers will be needed to help XRP move higher on the chart. Relative strength index was lower than the half-line, which means that buying strength was greater than selling strength.
However, XRP prices started to rise above the 20 SMA line. This is an indicator that the price may be recovering in the coming trading sessions. However, the momentum was being driven by buyers at this point. Although sellers were ahead of buyers at the time,
Although the price of cryptocurrency fell in purchasing strength, it still displayed a buy signal. This may indicate that the price action will change for the coming trading sessions. Moving Average Convergence Divergence is a indicator of current price momentum. The histograms displayed in green were tied with buy signals for the coin.
A buyer who acts on the price will likely see XRP gain, proving that the bears may exit the market. Parabolic SAR is another indicator that determines altcoin’s direction. An indicator that formed dots below the price is an indication of price direction change. This means that XRP prices could experience some changes despite trading being suspended.