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- Bears found a very supportive selling zone near the bearish trendline in XRP coin.
- Since early May, trading volume continues dropping down amid downtrend.
- The pair price of XRP/BTC shows in green by 1.6% at 0.00001611 Satoshis.
XRP is the seventh-largest cryptocurrency in the entire crypto world. Due to the global market crash, most of the currencies favor short-sellers, but as BTC set range near the $20K zone, each crypto asset attempts to recover their losing cost. Despite bounces back, XRP price still scales the downtrend nowadays.
The price action of XRP coin draws lower-highs formation in each time frame window. Meanwhile, bears have a significant selling point near the downsloping trendline (below in chart). Besides, bulls have a defending zone near the 2022 bottom level of $0.29 Mark.
As per the VRPV indicator, XRP price observes to be lower than the 4-month point of control, which may act as immediate resistance. Although, XRP price is well above the bulls’ defending zone while its trading at $0.3146 Mark at the time of writing.
The bounce-back is likely near 2022 bottom, but bulls need to breach this bullish barrier as soon as possible. Meanwhile, the market cap of XRP is well above $15 Billion as per the CMC data; nevertheless, it’s down by 1% in the last 24 hours. Further, the pair price of XRP/BTC shows in green by 1.6% at 0.00001611 Satoshis.
During downwards momentum, the trading volume slips down gradually. Now it shows low volatility for XRP coins.
Bollinger bands indicator shows further up moves
As per the Bollinger Bands indicator recovery could occur in near terms. The lower–band acts as a pumping zone for bulls. Moreover, the semi-line (20 day moving average) may act as a resistance.
Stoch RSI headed towards the oversold zone after reversing from the higher side terms of the daily price chart.
Conclusion
The price pump is expected near the lower band of Bollinger bands indicator. But bulls have many bullish hurdles. Each resistance will impact the uptrend. But it seems that XRP has bottomed out and bulls have a space to propel XRP price towards $0.50 mark.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
