The XRP prices were showing upward movements at the time of this writing. It finally moved north after the asset had consolidated for several days.
In the 24 hours since the beginning of the week, the price of XRP has seen a 6.6% increase. Over 20% has been gained by the coin in the last week.
Buyers tried to drive up the price for the property, and finally they succeeded in doing so over the course of the 24 hour period.
The $0.38 mark was a significant price point for XRP, but the Altcoin was saved by buyers in the face of greater market weakness.
XRP may move above its resistance if there is continued buyer pressure. This would render its bearish thesis invalid.
The sellers can take control if the bulls are unable to maintain the current price level.
If the sellers win, then XRP might be priced at $0.30. XRP currently rests within a key support zone.
XRP price analysis: one-day chart
Altcoin trades at $0.40 as of the writing. After weeks of consolidation, the XRP market price experienced a significant increase in its value. Buyers eventually drove the price higher than the next resistance.
Over the last week, XRP broke through many resistance levels.
As altcoins have had difficulties moving beyond $0.44 for several months, the immediate price limit for the coin is $0.44.
However, XRP is at $0.38 for support. If XRP falls below that level, it would drop to $0.30.
If buyers stay steady, then XRP might push above $0.42 and possibly surpass the hard resistance of $0.44.
The volume of XRP that was traded during the previous session fell slightly. This indicates that buyers have also fallen to a lesser extent.
Technical Analysis
XRP’s chart has seen a slow improvement in purchasing strength during the week.
Relative Strength Index almost reached the overbought level, but saw a decline. The market has seen a significant increase in buyers despite the decline.
A price decline is usually caused by an increase in buyers. It could be that XRP rests at $0.38, before it gains momentum once again.
The XRP prices were above the 20 SMA lines, which indicates that buyers drove the market’s price momentum.
Altcoin appears to have a higher buy signal than usual on its one-day chart. This chart shows the market momentum as well as the price action of altcoins.
MACD went through a bullish crossover, and the green signal bars were formed. These signal bars are buy signals for the coin. The size increase of signal bars suggests that XRP will move higher on its chart.
Parabolic market direction is determined by the Parabolic SAAR. Dotted lines under the price candlestick are indicative of bullish momentum.