Ripple Price Analysis: Reason Behind XRP Showcasing Strength Against the Week Market Scenario

will XRP can go more higher ?
  • XRP showing strength in the bearish market conditions while climbs nearly +24.17% in the last 7-days
  • The pair of XRP/BTC is trading above the 20 and 50-DMA, indicating a positive momentum, CMP at 0.0000105 BTC with massive intraday gains of +18.61%
Source:tradingview

XRP price over the daily monthly chart shows bullish symptoms, as it is trading above all the major moving averages of 20, 50, 100, and 200-Day. The major indicators favor bulls, and the price action also indicates the positive momentum. Resistance on the higher side is situated at $0.64 and $0.78, while support at lower levels is $0.48 and $0.41. However, over the daily chart, the volume is missing, which indicates the less participation of buyers and sellers in the current market price. 

Source:tradingview

XRP price over the shorter-term time frame is heading towards the higher side while building the bullish rounding bottom pattern. The daily chart’s coin is trading with higher highs and lower lows, indicating bullish momentum; support on lower levels is placed at $0.54 and $0.49, while resistance on the higher side is situated at $0.61 and $0.69. Currently, XRP price stands at $0.58 with intraday gains of +7.06%, volume recorded in the last 24-hour is jumped drastically by +146.31%, standing at $11,533,396,318. Total market capitalization stands at $26,308,209,787, an increment of nearly +7.03% in the last 24-hours. 

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Relative Strength Index (BULLISH) indicates bullish momentum while trading at 68.82. However, it is continuously heading towards the overbought zone after testing the overbought zone indicating its bullish trend on a shorter-term time frame. 

Moving Average Convergence Divergence (BULLISH) currently indicates a bullish trend on the daily chart, as it is trading with the significance of the buyer’s signal line (green) over the seller’s line (red). However, both lines are heading closer to each other, and the crossover can generate bearish momentum in XRP for the short term, but the overall trend is still positive. 

Support levels: $0.48 and $0.41

Resistance levels: $0.64 and $0.78

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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