- XRP price currently sits at $2.85.
- Its 24-hour volume stands at $6.33B.
A brief spike of over 1.97% has settled down the crypto market cap at around $3.84 trillion. With this uptick, all major crypto assets across the market are riding the green waves. Meanwhile, the largest assets like BTC and ETH are trying to enter the bullish zone. Among the altcoin pack, Ripple’s XRP has noted a gain of over 2.12% in the last 24 hours.
XRP began trading the day at a low of $2.79, and with the bulls coming into command of the asset’s market, the price was sent to a high of $2.87. The asset confirmed the bullish pressure by breaking the crucial resistance at $2.82 and $2.85. As per the CoinMarketCap data, XRP traded within the $2.85 range at press time.
Significantly, the market cap has reached $170.76 billion, with the daily trading volume of XRP dropping by over 5% to the $6.33 billion level. Moreover, the market has observed an event of $4.38 million worth of XRP liquidation, as reported by the Coinglass data.
Will the Bullish Sentiment Return to XRP?
The Moving Average Convergence Divergence line and signal line of XRP are stationed below the zero line, which shows the market is in a bearish zone. If the MACD moves up to the zero line, it may weaken the ongoing momentum and give an early sign of a recovery. Besides, the Chaikin Money Flow (CMF) indicator at 0.05 is slightly positive, signalling a mild buying pressure in the market. Also, the money is flowing into the asset. As the momentum is not strong, it could shift quickly.
Notably, the four-hour price pattern exhibits the formation of red candles on the chart. The asset’s price could retrace to the support range at $2.79. If the downside correction bolsters, the XRP bears might trigger the death cross to show up and drive the price toward $2.73 or even lower.
On the flip side, if the asset’s momentum turned bullish, the bulls could push the price up toward the $2.91 resistance. Later, with the sturdy correction on the upside, the golden cross might emerge. It would likely send the price to its subsequent resistance above the $2.97 level.
In addition, the asset’s daily Relative Strength Index (RSI) is found at 53.06 in the neutral zone. The price action is balanced, with no strong trend signal within the market. XRP’s Bull Bear Power (BBP) reading of 0.0698 is slightly positive, and the bulls have a smaller amount of control over the bears. The bullish strength is modest, like the bulls are not fully charged.
Source: https://thenewscrypto.com/resistance-showdown-can-xrp-overrun-the-3-barrier/