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- The XRP price, caught by buyers last week, moved into the resistance zone.
- The Super Trend Indicator XRP started moving below the current price of the coin.
- Trading volume was at its all-time high of $3.9 billion last night with a 50% gain.
The price of XRP has started moving in favor of the bulls since last week. This price recovery fuels the accumulation of buyers as the bearish trend reverses from the uptrend line on the daily time frame. Therefore, the bulls continue to push XRP higher along with gains of 30% over the last 5 trading sessions.
Amidst the price recovery, XRP price broke the $0.38 resistance area, which turned into an immediate support level. Now the bulls respect the next resistance area of $0.42 to $0.45 (red zone) for the next bullish move. Hence, XRP bulls see a price correction in the intraday trading session.
XRP coin against the USDT pair is trading at $0.404 mark under press time along with 2.5% intraday drop. This higher-lows trend happens because the Correlation between XRP and Bitcoin goes negative as per Correlation Coefficient indicator (above the Chart). Furthermore, the pair price of XRP/BTC is up 8.8% at 0.00002119 Satoshis.
Amid price recovery, XRP crypto breached the downsloping trendline over the daily time frame. Therefore, the Super Trend Indicator started moving lower below the current price of XRP coin. However, Trading volume was at its highest level last night at $3.9 Billion along with 50% gain.
XRP Price is Above 100-EMA
Buyers often struggled near the 50-day exponential moving average until last week. But after reversing from the bullish trend, Bulls pushed asset prices above 20,50 and 100 EMAs over the daily chart. Now 200-EMA (White) remains in breach, which may create trouble for buyers. Notably, RSI approaches the overbought zone with minor correction phases.
Conclusion
Today’s price correction of XRP crypto may retest the 100-EMA before reversing to the higher side. However, traditional indicators show positivity in XRP value, but because of the immediate resistance zone, buyers may struggle for a few trading sessions before another rally.
Support level – $0.33 and $0.30
Resistance level – $0.45 and $0.50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
