The price of XRP saw its buoyant momentum dip considerably. The market has shown bearishness in taking over, but the digital asset is making use of how little traction it has gotten, and XRP was trading at $0.5776 at the time of writing.
XRP one-hour chart
The above XRP chart illustrated a sudden price drop earlier today as the value of the digital asset was as low as $0.5082. Over the last few hours, however, the coin has been rising higher on the market.
This surge was noticeable along the ascending channel, but the break out of the pattern might cause a drop in value.
The XRP chart showed that the market was relatively more volatile than before due to the sudden dip accompanied by a price rise. The Bollinger Bands indicator indicated this high variance as the bands diverged, suggesting that the new price change was between higher ranges.
Whereas the 50 moving average and the signal line were already above the price bars indicating a lower trend. Meanwhile, the Relative Strength Index indicated that XRP had reached the oversold zone due to the selling pressure, but the buyers seem to have pushed the coin to the balance zone.
Meanwhile, the Amazing Oscillator noticed that the market momentum had already fallen to a negative value, but that it was pushing up with each green bar.
The price of the XRP has been increasing along the ascending channel, however, given its previous breakdown, the digital asset may again experience a bearish breakdown. However, the short-term value of XRP may continue to be consolidated at $0.57. If the pressure of the sellers is sustained, the price will be subject to a decrease in the medium term.
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