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- XRP price tries to recover its costs after the November price drop.
- Buyers are keeping XRP price above the 20 and 50 DMA on the 4-hours chart.
- The trading volume decreased by 31% in the last 24 hours and was reported at $1.5 billion.
XRP price has retested its monthly lows twice in the past few days and now it is time to correct the costs. Buyers often reversed the crypto price trend above the demand zone earlier this month and recently XRP price has reversed its trend. Buyers are considering this as the last drop but anything can happen next.
XRP price has been underperforming since the 60-day high of $0.5590, in fact, this level is still valid as a resistance for the coming days. At the time of writing, the XRP coin is trading down by 2.37% at the mark of $0.3803 against the USDT pair. This is the first bearish candle of the week below the previous swing high.
XRP Price on 4 Hour Chart
As of now, XRP price stays higher by 11.3% this week, buyers struggle in retracement phase because bears have identified the selling zone at 20 simple moving on weekly time frame. On the other hand, On a 4 hour chart, buyers maintain XRP prices above 20 and 50 DMAs. in addition, price action forms double bottom in lower-time frames, which may drive the next bullish rally.
Market capitalization reached $19 Billion after this recent increase, but it’s down today by 1.3% as per CMC. and trading volume decreased 31% in the last 24 hours and reported at $1.5 billion. The RSI indicator bounced back from the oversold zone, showing positive signs, at the same time, MACD continuously decreasing lower in the negative region.
Conclusion
The XRP price forms the double bottom pattern in hourly charts. This bullish price chart may drive the bullish rally towards $0.50 resistance.
Support level – $0.30
Resistance level – $0.45 and $0.55
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
