In the week that passed, XRP traded between $0.24- $0.33. Over the past 24 hours, the altcoin has seen a positive change. XRP saw demand, which led to the coin’s chart seeing a recovery.
As buyers slowly returned to the cryptocurrency market, prices also rose.
Despite price increases, the broader market is still fragile. It is therefore difficult to predict whether XRP will maintain its bullish trend in the long-term.
XRP currently has $0.30 support. The price of XRP is experiencing steady declines. It’s only natural that relief rallies might be continued.
However, these rallies are short-lived and will soon fade. If XRP doesn’t continue to form higher highs then bullish trend might not be able to sustain the bulls in the market.
Today’s global cryptocurrency market is worth $958 billion. This positive growth has led to an increase in the value of these coins. 0.1% in the last 24 hours.
Chart Four-hour XRP price analysis
This month, the altcoin hit a new low on its chart as the ongoing bloodbath intensified. As of this writing, it was currently trading at $0.33 Prior to this consolidation was seen as XRP trade between the $0.24- $0.31 levels.
The coin has moved beyond the price range in the past 24 hours and is now at $0.33 Local support was $0.30, while overhead resistance for XRP stood at $0.38.
As the $0.38 price point has been a strong resistance, the coin is now unable to surpass that level for several weeks. Although volume traded in XRP rose substantially and the bar was in red, this indicated bearishness.
Technical Analysis
This coin showed a significant increase in buyer strength which has translated into a price rise. Relative Strength Index rose above 50, which indicates market buying power. Technically, the outlook is bullish. However, the RSI has seen drops over 48 hours which indicates fragile buying power.
If XRP is to be traded in the north then it must rise above $0.50. To achieve this, however, buyers must remain steady. The price of XRP exceeded the 20-SMA. This meant buyers were driving price momentum.
XRP Consolidates, Is It Going To Retrace Now?| XRP Consolidates, Is It Going To Retrace Now?
Also, the Awesome Oscillator shows price direction and reverse. It flashed green histograms, signaling a buy. As seen in the chart above, the RSI shows the effects of this buy signal. Chaikin Money flow was also positive in the shorter timeframe.
This indicator indicates capital outflows as well as inflows. CMF’s four-hour chart showed an increase in capital flows and a decrease in outflows. Altcoin’s stability was not affected by the positive signals from the charts. Altcoin’s buying power must remain steady and there should be significant demand in order to keep it above the bearish area.
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Featured Image from UnSplash. Chart by TradingView.com
