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The last 10-days of XRP correction suggested that the rally’s harm could be greater than expected. Consolidation below $1.24 was assumed in both the mid- and long-term analyses, but XRP proved to be bullish once more. XRP was priced at $1.39, with a market cap of $64.5 billion, after increasing by more than 20% in the previous day.
XRP 4-hour chart
The bullish trend on XRP was apparent over the past week, but the extent of the correction indicated that breaking through resistance at $1.246 would be more challenging. XRP, on the other hand, has managed to carve a spot over $1.18 and break through the 0.5 Fibonacci line at $1.246 in the last 24 hours. A small re-test of $1.416 was also done, but at the time of publication, it was consolidating below the $1.40 mark.
The asset’s bullish conduct caused it to break above the 50-period Moving Average. The SSL predictor, which indicated a buy signal at press time, also indicated a strong bullish signal.
Market indications implied a resurgence in bullish energy, with the Awesome Oscillator indicating positive pressure close to the start of the month. The Relative Strength Index was in the overbought category, indicating that purchasing interest could be consolidating for the next few days. As purchasing pressure built up over the last day, on-balance amount signalling activity.
Santiment suggested the recovery of the altcoin cycle, with some of the coins running ahead in the short-term charts.
At the moment, predicting the correct trajectory for XRP is a coin flip, and the market will dump or pump depending on how much traders benefit from volatility. If the asset will stabilise around the $1.40 mark before undergoing another powerful rally, it can retest the high of $1.96.