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- 1 XRP coin regained momentum and has retained the 20-day EMA mark.
- 2 Buyers have acquired pace and are willing to cross the $0.600 mark.
The XRP price re-entered the no-trade zone and retained the 20-day EMA mark, directing a pullback in the last trading sessions. The price action showed that the XRP crypto had retested the range bottom around $0.4000 and reverted from it. Following the market correction, the XRP price has corrected by over 17%, witnessing a retracement on the charts.
At press time, the XRP coin (XRP) price traded at $0.5482 with an intraday gain of 2.78%, reflecting a rebound on the charts. It has a monthly return ratio of -11.10% and 17.8% yearly. The pair of XRP/BTC is at 0.00000820 BTC, and the market cap is $30.16 Billion. Analysts are neutral and suggest that the XRP coin may stretch the rebound and outperform in the following sessions.
XRP Price Volume Profile Analysis On Daily Chart
Per the Santiment data, the XRP crypto showcased a minimal correction of over 20% and remained in the range. Despite the market’s bearish sentiments, the XRP crypto has managed the gains and settled around the 20-day EMA support zone. The intraday trading volume jumped over 52.29% to $1.98 Billion.
Price Volatility and Weighted Sentiment Outlook
Following the price rebound, the XRP crypto displays a spike in the price volatility curve this week. The price volatility curve noted a sharp surge of over 16.90% to 0.016. Similarly, the weighted sentiment looks positive and stayed above the midline around 0.952.
Social Dominance and X Followers Overview
The data shows that the social dominance data surged over 12.40% to 1.197%, noting an increase in the discussion reports. Likewise, the X followers data noted a bounce of over 3.21% and jumped to 101.
Development Activity and Total Open Interest Insights
The development data witnessed a minimal decline of over 8.67% and dragged below the midline around 7.81, showing a neutral outlook. However, the derivative data signifies a long buildup. The open interest spiked over 7.79% to $436.60 Million in the last 24 hrs.
As per the Fib levels, the XRP price trades near its 38.2% resistance zone and rebounded from the lower Bollinger band support zone. Similarly, the RSI curve rebounded from the oversold region and retained the midline region, witnessing a positive crossover noted on the charts.
The total supply of the XRP coin is 99.99 Billion, whereas the volume-to-market cap ratio is 0.0656, and it is ranked 8 in terms of market cap in the global crypto market.
Summary
The XRP price started gaining momentum slowly & steadily and returning to the track amidst the bearishness. Moreover, the coin has witnessed a notable rebound of over 18% this week, and bulls are starting accumulation.
Technical Levels
Support Levels: $0.5250 and $0.5000
Resistance Levels: $0.6000 and $0.6750
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
