XRP’s chart has shown a retracement over the past few days, although it had tried to climb higher in the previous days. However, the bulls prevailed.
As a support level, $0.30 is currently being held by XRP. To allow the bulls take control, the price of the asset must rise above the resistance in the next trading session.
A drop below $0.30 would be expected if the price of the coin falls. The chart shows mixed technical outlook.
Some indicators pointed to a rising bullish price action.
The coin has lost 4.4% over the last 24 hour, invalidating all gains of XRP in the week. Although sellers continue to be the dominant market, buyers are also looking to re-enter the market as the current asset price creates a demand area.
Strength from the wider market is required for XRP’s bearish thesis to be retracted. Today, the global cryptocurrency market is valued at $955 billion. 3.1%Negative change over the last 24hrs
Four-hour Chart: XRP Price Analysis
As of press time, it was trading at $0.33. The $0.30 support level was very close to it. The invalidating of the same will cause the price to rise to $0.28. If XRP continues to trade for a significant time at the $0.33 level, then the XRP price might rise to $0.34 before falling back down to $0.37.
If XRP is able to surpass $0.37, it could be eligible to retest $0.43. In the past trading session the volume traded in XRP fell, which means that the chart has seen a decrease in buying pressure. This marked bearish pressure on XRP’s chart.
Technical Analysis
XRP’s buying strength remained low, the same was reflected on the Relative Strength Index. RSI was below its half-line which indicated that there was more selling pressure than buying pressure.
According to the same, the price for XRP fell below the 20 SMA line, indicating that the sellers are driving price momentum.
The Fibonacci levels of retracement indicate that there is rigid resistance at 38.2% (and 23.6% respectively) levels. At the $23.6% level, the support level for this digital asset was found.
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Technical outlook was mixed. Chaikin Money Flow, which measures capital inflows or outflows, is positive. A positive CMF signifies an increase in buyer strength. A small increase in the RSI indicates increased capital flows.
Awesome Oscillator showed price momentum and reversed price trends. AO flashed red histograms indicating a sell signal. AO flashed a red histogram at press time, but it wasn’t yet clear if XRP would be bullish in the near future trading sessions.
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Featured Image from InvestorPlace. Chart by Tradingview.com
