XRP Price Rallied 7%, Is It Gearing To Test The Next Resistance?

The technical outlook for the cryptocurrency has turned bullish as the XRP Price grew by 7% in the last 24 hour. Despite not performing well over the last week, the XRP Price has seen a recent surge in price which made up the weekly losses.

Today, XRP lost only 2% of its value during the week.

Despite the fact that most altcoins are struggling under bearish pressure, XRP still shows positive sentiments daily. It seemed that buyers have increased their confidence in this asset.

As of the writing, bullish signals also appeared to be in place. XRP trades now with greater buying power after registering strong selling over the last few weeks.

Bitcoin’s price movement is still taking a toll on XRP price movement.

XRP trades at 89% less than the $3.40 record price. Global cryptocurrency market capitalization today stands at $1 trillion. 0.1%In the past 24 hours, there has been a negative shift.

Chart of XRP Prices Analysis for One Day

XRP Price
The price of XRP at $0.35 per day on the chart. Source: TradingView.| Source: XRPUSD on TradingView

Altcoin trades at $0.35 as of the writing. Tight resistance is expected for XRP at $0.38, as altcoins have struggled to trade at this price level over a longer time.

Once XRP moves above the resistance mentioned, the altcoin could have a chance to revert back to the $0.44 level. However, the support level for the coin is $0.33.

The XRP market is currently trading at a level that’s close to the current price. The amount of XRP that was traded during the previous trading session decreased, which may indicate that there were fewer buyers at the time.

Technical Analysis

XRP Price
XRP demonstrated positive buying strength in the one-day chart. Source: XRPUSD tradingview| Source: XRPUSD on TradingView

At the time this article was written, it seemed that buyers had helped XRP drive prices higher. Technical indicators also indicated that buying strength helped with the altcoin’s recovery.

Relative Strength Index was higher than the half-line which indicated that buyers had taken over price action.

The RSI however showed a modest downtick. This may indicate that there has been a decline in existing buyers.

The price of XRP also climbed through the 20 SMA line. This indicated that the demand was there and that buyers were driving market momentum.

XRP Price
XRP has registered a buy signal on the 1-day chart. Source: XRPUSD tradingView| Source: XRPUSD on TradingView

The buy signal from XRP flashed on the daily charts as shown on the indicator has prompted buyers to act.

The Moving Average Convergence Divergence saw a bullish crossover, and showed green signal bars that were buy signals for the XRP.

MACD indicates the direction and price momentum for the asset. Stochastic RSI can also measure the market momentum. This indicated that the asset was trending upwards.

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