XRP Steady At $0.36, Could The Bulls Be Back?


XRP has been moving laterally over the last few days and the price has steadied at $0.36. After facing consistent resistance at the $0.35 price mark, the coin finally managed to move past the aforementioned price ceiling.

The altcoin has been trading in the green over the last 24 hours, it rose by 1.5%. In the past week, XRP appreciated by double digits. Recently, on the developmental front XRP has plans to extend its operations to Canada in order to make that a new Crypto Hub.

The coin has displayed positive sentiments as XRP managed to touch $0.38 on its chart. Shortly after touching the $0.38 level, it displayed a pull back. Buying power also increased as the coin displayed price optimism, the asset was even overbought over the last couple of days.

After the price correction, XRP has retreated from the overbought region. The global cryptocurrency market cap today is $1.01 Trillion with a 1.4% positive change in the last 24 hours.

XRP Price Analysis: Four Hour Chart

XRP
XRP was priced at $0.36 on the four hour chart | Source: XRPUSD on TradingView

The altcoin was trading at $0.36 on the four hour chart. The overhead resistance for the coin stood at $0.38, XRP pulled back right after it touched the aforementioned price level. The technical outlook of the coin painted an incoming bullish price move.

If XRP manages to breach the $0.38 level then the coin might trade around the $0.46 level. After this, XRP could attempt to reach the $0.52 resistance mark.

Immediate support level for the coin stood at $0.34. A fall from $0.34 support line can push the altcoin to $0.29. Trading volume dipped considerably which signified that buying has also declined on the charts.

Technical Analysis

XRP
XRP flashed increased number of buyers on the four hour chart | Source: XRPUSD on TradingView

The altcoin registered buying strength on the chart. XRP finally had touched the overbought zone this month, the last time the coin was overbought was in the past month. The Relative Strength Index was positive at the time of writing.

The indicator was above the 50-mark which signified heavy buying strength. Although the coin noted a slight downtick on the RSI, there were more number of buyers than sellers in the market. On the 20-SMA, XRP was above the line. This meant that buyers drove the price momentum in the market.

The coin was also peeping above the 200-SMA line which is considered extremely bullish, however, if buying pressure fades the bears could be back.

Related Reading | Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending?

XRP
XRP noted a sell signal on the four hour chart | Source: XRPUSD on TradingView

The coin after noting significant increase in buying strength has flashed a sell signal. Moving Average Convergence Divergence indicates the price momentum and also reversals in the same. MACD underwent a bearish crossover, the red histograms painted a sell signal on the chart.

This reading was in consonance with the downtick noted on the RSI. Average Directional Index points towards a price trend, the indicator was seen above the 20-mark, this reading is tied to a possibility of continued price action in the same direction indicating bullishness.

Suggested Reading | Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?

Featured image from UnSplash, chart from TradingView.com



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