XRP Price At $0.40, Can It Hold Onto Its Bullish Revival?
At the time of writing, XRP price is noting an uptrend on its chart. After a few days of asset integration, it finally went north.
In the past 24 hours, the price of XRP has increased by 6%. The coin is up more than 20% in the past week.
Buyers tried to push prices higher, and they finally succeeded in the past 24 hours.
XRP has been stuck at the $0.38 price mark for quite some time, but buyers have rescued the altcoin despite the weakness in the broader market.
Continued pressure from buyers could take XRP beyond its immediate resistance, which would invalidate its bearish thesis.
On the other hand, if the bulls fail to defend the current price levels, the sellers will take over.
If sellers take over, XRP could be pushed closer to the $0.30 price barrier. Currently, XRP is in a key support area.
XRP Price Analysis: One Day Chart
At the time of writing, the altcoin is trading at $0.40. XRP price has witnessed several weeks of consolidation on its charts. Finally, buyers pushed the price above the next resistance level.
Over the past week, XRP has broken many resistance lines.
As the altcoin has struggled to surpass this price level for several months, the coin has an immediate price cap of $0.44.
On the other hand, the closest support level for XRP is $0.38, and a decline from this level would take XRP to $0.30.
If buyers hold steady, then XRP could break above $0.42 and possibly the strong resistance at $0.44.
Ripple’s trading volume dipped slightly in the previous session, indicating that the number of buyers also dipped slightly.
A significant recovery in purchasing power last week has slowly helped XRP move up on its charts.
The RSI was almost on the verge of hitting overbought territory, but it noticed a dip. Despite the price drop, buyers in the market far outnumbered sellers.
Usually, an increase in the number of buyers causes prices to fall. In this case, XRP could be stuck at $0.38 before recovering again.
XRP price is above the 20-SMA line, which indicates that buyers are driving price momentum in the market.
The altcoin appears to be recording an increasing buy signal on the one-day chart. Moving Average Convergence Divergence describes the market momentum and price action of altcoins.
The MACD underwent a bullish crossover and formed a green signal bar, which is a buy signal for the coin. An increase in the size of the signal bar indicates that XRP will move up on its chart.
The Parabolic SAR also dictates the overall market direction, with the dotted line below the price candlesticks indicating bullish momentum.