- During the price correction phase, XRP price found support near the $0.45 area.
- Buyers are delighted to see the XRP token’s market cap rise by 8.34% to $24.8 billion.
- Trading volume increased by 70% overnight, indicating an accumulation of buyers.
Buyers successfully collected XRP over critical support. During the price corrective phase, additional price rejection occurred at the $0.55 resistance level. In the recent 30 days, sellers have declined to go closer to this level twice. Buyers may expect additional price declines before a substantial reversal.
The cryptocurrency market is becoming increasingly volatile. As a result, trade volume in the XRP cryptocurrency jumped by 55% overnight, reaching an estimated $2.74 billion. This surge during a price recovery indicates the presence of bulls in the support zone (red box).
The $0.43 to $0.45 zone stood as an immediate support zone. As well as, buyers bought XRP price dip close to the 200 DMA (red moving line) in the context of a 4 hour chart. After the price pump, buyers aggressively placed their orders at this point. Now bulls are looking bullish on XRP crypto until price hit the $0.55-resistance.
On the 4 Hours chart, RSI is supporting the bull for a short–term view. Buyers are expecting 10% more price rise ahead on the behalf of bullish RSI. Meanwhile, the XRP coin against the USDT pair is trading at the$0.501 mark along with 5.2% today’s gain. Thus Buyers are happy to see XRP coin’s market cap in green by 8.34% at $24.8 Billion.
As of now, XRP price stays above the key moving average of 200 (red), which was the biggest achievement of investors. Hence all significant moving averages are far below the current price in the context of daily price scale. But Rise again shows little weakness in XRP price as its peak is going to retest semi-line.
Conclusion
The XRP price against the USDT pair stays above the all significant simple moving averages. Despite price correction in recent weeks, buyers barely manage asset prices above the 200 DMA, which has a key hedge zone of buyers so far.
Support level – $0.38 and $0.30
Resistance level – $0.55 and $0.7
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and 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/2022/10/14/investors-buy-xrp-price-in-dip-200-dma-provide-price-pump/