- Over the daily price, the XRP price is trading in an uptrend that is gradual and pleasing.
- The technical indicators are bending over the bearish dominance over the hourly price chart.
- The XRP/BTC pair is at 0.00001642 BTC which is at a significant gain of 5.77%.
The XRP price is trading at a slow and flattering uptrend movement over the daily price. This shows the bulls have begun to dominate the market but still the bears are interrupting the movement, as they are not at all ready to give up their dominance. They made the price recover approximately 26% in just 5 days. Investors can breathe a sigh of relief, despite the fact that the recovery is not sufficient.
The trading volume is at a gain of 52% over the intraday trading session which is also a support and which in turn will pump the price. These consistent efforts can definitely give good profits to the investors, but they should take care of the bear’s backfire too and also need to gather some more buyers in order to take the recovery to the next level.
The current price for one XRP coin is trading at $0.39 which is at a gain of 5.06% in its market capitalization in the last 24 hrs. The coin has a volume of 1.94 billion with a noteworthy gain of 52.96% in the 24 hrs trading session and a market cap of 18 billion. The volume market cap ratio is 0.1022.
Short-term Analysis for XRP
We can see the return of bearish dominance on the short term (4 hours) graph for XRP, which was anticipated given that the coin had been overbought.
The MACD indicator shows the buyers line is moving above the sellers signal line but we can witness a negative cross as the sellers are actively participating and the histograms are fading. The relative strength index shows after being overbought the selling pressure over the coin is increasing and the current value for RSI is below 65. The coin still ranks #6 in the cryptocurrency market.
Conclusion
The XRP price is trading at a slow and flattering uptrend movement over the daily price. The XRP bulls made the price recover approximately 26% in just 5 days. The trading volume is at a gain of 52% over the intraday trading session which is also a support and which in turn will pump the price. On Contrary the hourly chart shows the bears are back to interrupt the recovery process and the indicators appear to be in favor of bears this time.
ALSO READ – 6th Place ADA Replaced By XRP As It Surges by 11%
Technical levels
Resistance levels: $0.43 and $0.46
Support levels: $0.31 and $0.28.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/07/31/xrp-price-analysis-the-bearish-dominance-is-again-bothering-the-xrp-bulls/