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The XRP market has been holding its own on the price charts as Ripple scores little victories in its battle against the US Securities and Exchange Commission [SEC]. For quite some time, the digital asset has been trading at $0.85 a unit.
XRP 12-hour chart
At the time of writing, XRP was trading at $0.8563, and the chart above shows that the asset has been consolidating between $0.7993 and $0.1.05 since the drop on May 19.
XRP dealers have kept the price at this level, avoiding negative volatility. In the long run, the asset may continue to trade at this level.
At the present price level, trading was increasing. The histogram of the Visible Range Indicator showed an increase in activity at the resistance level of $1.05 among XRP traders. Despite losing trading support around the support level, XRP managed to hold on to it.
Given the current level of bearishness, the price may need to make a more concerted attempt to break through the barrier. This is because the 50 Moving average has maintained parallel to the XRP price. If the price rises above the MA, it may encounter resistance, and trade pressure may drive it higher.
However, the selling pressure was greater, and the price might be held closer to the support. The Directional Movement Index (-DI) confirmed this pattern, indicating that the market is under pressure.
At the same time, the market’s momentum was squeezing out since the price did not exhibit any dramatic change.
The current XRP market was characterised by a narrow price range. Despite short-term market volatility, XRP’s price was going sideways and may continue to trade at this level until external volatility drives the price up.