XRP Price Rallied By Double Digits, Will Buyers Defend This Level?

Over the past 24 hour, the price of XRP has been on the rise. Over 10% of the coin’s value has increased in the last day.

As a result, the currency has seen an increase of 10% over the week. The charts seemed to be dominated by XRP bulls.

It could trade slowly near the next resistance level, but with increasing demand it may be able to surpass that price point.

This price was in the support zone between $0.43- $0.39. It’s important that XRP reaches $0.51 as it has served as a price ceiling.

The coin’s bullish trend will be strengthened if XRP rises above $0.51 This technical indicator has indicated a stronger bullish momentum.

However, the buyers are returning to the market. XRP should move beyond the $0.51 threshold due to a decrease in its selling power.

The current global crypto market capitalization is $978billion. 2.2%Positive changes in the past 24 hours

The XRP Price Analysis: A One-Day Chart

XRP Price
Source: XRPUSD on TradingView| Source: XRPUSD on TradingView

At the time this article was written, altcoin traded at $0.43. The XRP price had risen sharply, reaching $0.56. It then reversed its trend on its chart.

The coin’s chart has been moving up over the past 24 hours. At $0.51 the immediate resistance stood and at $0.56 afterwards.

However, $0.41 was the support line and any fall below this level will cause the XRP to drop to $0.34. The bears would be stronger on the market.

In the most recent session, XRP trading volume showed signs of declining. This indicated that purchasing strength may have dropped.

Technical Analysis

XRP Price
Source: XRPUSD at TradingView| Source: XRPUSD on TradingView

However, on one chart the bulls still held the altcoin. There had been a pullback in the coin, and that is what led to a decline in buying strength.

Relative Strength Index was at the top of its half-line. That indicated that there were more buyers than sellers. Sellers can always take control if demand drops.

It was also above the line of the 20 and 50-SMAs, which showed that there was still a lot of demand. The market was dominated by buyers, which means the momentum is in their favor.

XRP Price
Source: XRPUSD at TradingView| Source: XRPUSD on TradingView

The market continued to be dominated by other indicators that indicated buyers. The Moving Average Convergence Divergence represents the price momentum as well as overall price action.

MACD showed positive signals with green bars. This meant that the coin was being bought. It was possible that there could be an upcoming price pullback as the green signals receded.

Bollinger Bands are indicators of price volatility or fluctuations. These bands have widened which indicates that volatility and price fluctuations could occur in the next trading session.

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