XRP Price Rallied 7%, Is It Gearing To Test The Next Resistance?
18 September 2022 - 02:00PM
NEWSBTC
The XRP price climbed 7% over the last 24 hours, turning the
technical outlook for the coin bullish. In the past week, the XRP
price had not performed too well, but with the recent price surge,
it made up for its weekly loss. Currently, XRP has only lost 2% of
its market value in the last week. Despite most altcoins staggering
under the bearish influence, XRP has managed to display positive
sentiments on its daily chart. Buyers seemed to have gained
confidence in the asset. The technical outlook also turned towards
bullish signals at the time of writing. After registering selling
strength over the past few weeks, XRP now trades with increased
buying strength. Bitcoin’s price movement is still taking a toll on
XRP price movement. At the current price level, XRP is still
trading 89% lower than its all-time high of $3.40. The global
cryptocurrency market cap today is $1 trillion, with a 0.1%
negative change in the last 24 hours. XRP Price Analysis: One Day
Chart The altcoin was trading at $0.35 at the time of writing.
Tight resistance awaits XRP at $0.38 as the altcoin has struggled
at that price level for a considerably longer period of time. Once
XRP propels above the aforementioned resistance, there could be a
chance for the altcoin to revisit the $0.44 level. On the other
hand, support for the coin stood at $0.33. At the moment, the XRP
price is trading quite close to that level. The amount of XRP
traded in the last trading session declined, which could be a sign
that the number of buyers could have declined at the time of
writing. Technical Analysis At the time of writing, buyers seemed
to have helped XRP push prices up. Technical indicators also
indicated that buying strength helped with the altcoin’s recovery.
The Relative Strength Index was above the half-line, which meant
that buyers took over the price action in the market. On the RSI,
however, there was a small downtick, which could mean that the
number of existing buyers has declined. The XRP price also peeped
through the 20-SMA line, which demonstrated that demand for the
coin existed and that buyers were driving the price momentum in the
market. Related Reading: Ripple (XRP) Fails To Hit Double-digit
Gain, What Could Be Wrong? Buyers have acted on the buy signal
flashed by XRP on the daily chart as seen on its indicator. Moving
Average Convergence Divergence underwent a bullish crossover and
depicted green signal bars, which were buy signals for XRP. The
MACD displays the price momentum and the direction of the asset.
The Stochastic RSI also reads the market momentum. The indicator
was seen above its centre line, which meant the asset was trending
higher. Related Reading: Bitcoin Monthly Stats: Cost Basis,
Long-Term Holders, And The Cyclical Bottom Featured image from
Pixabay, Chart: TradingView.com
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