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- 1 XRP has shown extreme bullishness over the past few sessions.
- 2 Bulls remain strong; attain consecutive gains.
XRP coin is looking extremely bullish, showing aggressive demand from buyers. The coin attained intense momentum claiming back the range near the top of $0.5500. This pump in price has increased by more than 30% in the last 7 trading sessions. The price is on the verge of registering a breakout above the immediate hurdle of $0.5550. If buyers attain more strength and sustain above that range, the price rally will reach the trajectory mark of $0.5600 in the upcoming sessions.
XRP coin consolidated over the last three months and is now trading in a narrow range. The range breakout above $0.5000 attained momentum, and buyers showed their aggressive muscles to achieve more highs. Moreover, the volume spike in the recent sessions is an indication that there is extreme demand for XRP coin.
At press time, XRP coin is trading at $0.5450, showing massive bullish moves. However, the coin retraced by 3.04%; pausing before a follow-up buying reaction. The intense buying action shows long buildup by the buyers. If the coin persists in increasing and sustains above $0.5550, sellers will pull their legs back, and further swings will lead to a rally in XRP price.
Daily Charts Showing Massive Buying in XRP Coin
On the daily chart, XRP trades above its significant moving averages and shows an uptrend continuation. The recent price action suggests a retracement before a fresh breakout which will make higher lows formation. The chart showing rejection near the $0.5580 range was a strong resistance mark. Buyers will clear the above range if the coin fetches and sustains near the top. However, if the coin retraces back, immediate support is $0.5150.
Short Term Charts Shows Price Retracement
On the 4-hour chart, XRP pauses and holds the range near $0.5450, which was the supply range, but buyers are trying to pass the range. The RSI slips from the overbought range and floats near 60. However, RSI gave a negative crossover in the last session, the primary reason XRP could not surpass the immediate hurdle of $0.5500.
Moreover, the MACD indicator is also going in favor of sellers. It registered a bearish crossover and plotted red bars to justify the profit booking explored by the sellers.
However, XRP coin price in the past sessions extended its move with the rising channel, which was a good sign of resuming the uptrend after the pause.
Technical Levels
Support Levels: $0.5250 and $0.5100
Resistance levels:$0.5600 and $0.5700
Conclusion:
XRP coin price shows bullish cues with buyers accumulating moves. However, the pause is the cam before the storm, a planned trap for the bears. A strong breakout will happen if the price further pulls above $0.5550.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
