In the short term, the XRP price is in a recovery phase. Large investors and retail cryptocurrency holders have exited the market since the price decline in early November. However, the bulls are currently gaining riches.
In the intraday trading session, the XRP price is looking positive versus the USDT pair, with the cryptocurrency trading at $0.3929 at press time. However, the coin is currently under persistent market volatility, having lost over $790 million in market value in a single day. As of November 28, XRP has a market valuation of $19.29 billion.
After hitting the yearly low, bears gradually cover their short positions. Thus price action registers higher-lows structure in a 4 hour price chart. Bulls have connected all swing lows and they hold XRP over the short-term ascending trendline. Below this support level, buyers may struggle again until the demand zone.
Now there is another resistance zone present here close to $0.45 level. This will be the trend changing point ahead. On the lower zone, bulls are ready to put extreme buying pressure at $0.30 level if they fail to keep crypto above the support trendline. Market capitalization is up 3.6% in the last 24 hours, reported at $19.74 Billion as per CMC.
XRP took a break at the 100-day EMA while the crypto held above the 20 DMA on the daily time frame. Also, the 200 DMA remains below the 100 DMA, indicating a positive side for XRP despite the selloff.
The daily RSI indicator is present at the semi-line (50 mark) after a reversal from the oversold zone. This recovery in RSI has come about 25% in the last two weeks. Similarly, the MACD is moving towards the neutral zone.
Conclusion
XRP price is stuck between the 20 and 100-day moving averages, support and resistance. Although the $0.38 level is seen as an immediate support, the bulls manage the price of the cryptocurrency above the rising trendline.
Support level – $0.35 and $0.30
Resistance level – $0.450 and $0.550
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/11/30/xrp-price-bids-make-and-break-situation-bulls-are-buying-on-dip/