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- The new resistance of $0.73 was a cause of celebration for the XRP community
- Bullish sentiments buoy the cryptocurrency segment
XRP fortunes were no different from the rest of its brethren, and the market has remained bearish for most of the month. However, as July is ending, we see slight bullish signals, and the digital currency is finally gaining a solid foothold and is in the green zone.
XRP rose over the past week and posted a weekly gain of 31.2 percent. XRP was trading for $0.72 with a total market cap of $33.172 billion when going to press. The weekly gain elevated the daily trading volume to $5.113 billion after an increase in buying pressure.
A marked increase in performance and coin peripherals
XRP was also surging in the hourly spectrum after posting a 17% rise. Bullish sentiments hit the cryptocurrency segment. Technical analysis revealed that cryptocurrency showed a marked increase in performance and coin peripherals.
The three indicators in question:
RSI, CMF, and PSAR, sided with the bull in the short term and the graph surged up.
xrp 1 hr 1
The XRP community was in a somber mood for some time, having suffered bearish sentiments earlier. However, the new resistance of $0.73 was a cause of celebration for the XRP cadre sentiments
Parabolic SAR remains well below the markers, and the pressure enables the candles to stay in the Green Zone.
RSI opined that the crypto token was in the overbought zone. In other words, users were amassing XRP in the portfolio rather than selling it. Even though the Chaikin Money Flow indicator was in the green, it showed an inclination towards the zero line
It was a welcome relief after a very long period of doom and melancholy. All the metrics and corresponding indicators leaned towards the bull. As the anomalies rectified themselves, it soon became crystal clear why the cryptocurrency was performing well on the charts.
CMF, in the long term, had surged and settled near the overbought zone. An increase in buy-in pressure proved to be the catalyst here.
RSI also had a problematic June, and it rose in the last few days and stayed on course for an overbought zone breach.
The PSAR paves the way for the cryptocurrency to embark on a bullish path as the metrics revealed that cryptocurrency is on a solid foundation. It was primarily due to an increase in conversations around cryptocurrencies and their use cases.
According to the Investing.com Index on Wednesday, XRP was trading at $0.68693 by 13:02 (07:32 GMT), up 10.05% on the day. It represented the most significant one-day percentage gain since Wednesday, June 23, 2021. The bullish sentiment pushed XRP’s market cap up to $30.91313B, or 2.01% of the total cryptocurrency market cap. At its highest, XRP’s market cap was $83.44071B. XRP was trading within a band of $0.63123 to $0.68748 in the previous twenty-four hours.
In one week, XRP value has surged in value, as it gained 22.37%. The volume of XRP traded in the twenty-four hours to time of writing was $2.81304B. It represents 2.90% of the total volume of all cryptocurrencies. It has traded in a range of $0.5611 to $0.6875 in the past week. Still, XRP is 79.12% down from it’s all-time high of $3.29 set on Thursday, January 4, 2018.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
