At the time of writing, the XRP price has seen an upward movement on its chart. After gathering resources for several days, it finally headed north.
In the last 24 hours, XRP price has registered a 6% increase In the past week, the currency has risen more than 20%.
Buyers were trying to push the price up and they finally succeeded in the last 24 hours.
XRP was stuck at the $0.38 price mark for quite some time, but buyers rescued the altcoin despite broader market weakness.
Continued pressure from buyers could push XRP beyond its immediate resistance, which would invalidate its bearish thesis.
On the other hand, if the bulls fail to defend the current price level, the sellers will take over.
If sellers take over, XRP could be pushed closer to the $0.30 price mark. At the current moment, XRP is positioned at an important support zone.
XRP Price Analysis: One Day Chart
At the time of writing the altcoin was trading at $0.40. XRP price witnessed weekly consolidation on its chart. Finally, buyers pushed the price above the next resistance mark.
Over the past week, XRP has broken several past resistance lines.
The coin’s immediate price range remains fixed at $0.44 as the altcoin has struggled to break above that price level for months now.
On the other hand, XRP’s closest support was $0.38, and a decline from that level would bring XRP to $0.30.
If buyers persist, XRP could cross $0.42 with a chance to break above the solid resistance at $0.44.
XRP trading volume has decreased slightly in the last session, indicating that the number of buyers has also decreased slightly.
Technical analysis
Buying power has recovered substantially over the past week, which has helped XRP slowly move higher on the chart.
The relative strength indicator is about to touch overbought territory but it has indicated a downside. Despite the recession, buyers have substantially outnumbered sellers in the market.
Generally, an increased number of buyers creates a price pullback. In this case, XRP may rest at $0.38 before picking up momentum again.
XRP price was above the 20-SMA line, indicating that buyers are driving price momentum in the market.
The altcoin seems to be registering an extended buy signal on the one-day chart. Moving Average Convergence Divergence depicts market momentum and altcoin price action.
The MACD went through a bullish crossover and produced a green signal bar, which was a buy signal for the currency. An increase in the size of the signal bar indicates that XRP will travel on the chart.
The parabolic SAR also determines the overall market direction, and the dotted lines below the price candlestick indicate bullish momentum.
