XRP Price experienced consolidation between $0.30 and $0.37 marks for a significant number of trading session. Altcoin managed to maintain a steady price level over the last 24 hour without losing any market value. Over the past week, XRP has seen a 2% drop in its price.
The coin’s buying power was affected by lateral trading. It is crucial that XRP moves beyond its sideways trading in order for the bulls take control. XRP was able to make higher highs, and lower lows by the end July. The bulls don’t seem to be able to push past the $0.37 mark.
This may be due to a low demand for XRP. The $0.37 mark has been a propelling point for the altcoin’s price, however, the bulls could not hold on to the momentum even then. While Bitcoin is falling on its charts, other altcoins also have followed this trend on their own charts. XRP is still dependent on the market for demand and strength.
XRP price analysis: four hour chart
At the time this article was written, altcoins were trading at $0.37. Sharp resistance was seen in XRP at $0.39. There could be an opportunity for a rally if the XRP price falls below $0.39. An additional resistance point for the coin was found at $0.40
Local support for XRP was $0.34. The $0.34 threshold will be breached and XRP trades at $0.31. As the sellers were dominating price action, the volume of XRP sold in the past session was higher.
Technical Analysis
Sideways trading continues with the XRP price fluctuating between $0.30 to $0.37, which has forced buyers from the market slowly. That was what the technical indicator showed for the coin.
Relative Strength Index was lower than zero because buyers were greater than sellers in the market. It indicated bearishness.
The XRP market price was seen below the 20 SMA line, which is again a sign that the bears are resurfacing. This also indicates that the sellers were driving price momentum.
A sell signal was issued for altcoin due to the decline in buyer strength at the time this article was written. Indicating the sell signal means that bearishness is still prevalent. Moving Average Convergence Divergence indicates price momentum and the possibility of reversals.
MACD experienced a bearish crossover. The red histograms, which correspond to the sell signal, were created. Bollinger Bands signify price volatility and indicate potential price fluctuations. The bands became wider, which indicated that XRP could experience future price volatility.