XRP price consolidated over the past few sessions after recovering 30% of the losses incurred in the previous week. The bulls should stay above the crucial support level to sustain the current momentum and maintain the momentum to remove further losses.
- XRP price started the session on a higher note but maintained gains in the form of lack of strong buying momentum.
- However, a consolidation near $0.45 with average volume indicates that a breakout is imminent.
- A daily candlestick below $0.40 will ignore any bullish logic for the asset.
XRP Price seeks signal for upward movement
The price of XRP follows in the footsteps of the broader crypto market bearishness experienced over the past week. The coin is down almost 21% and is down for the seventh week in a row. XRP tested an 18-month low but managed to bounce back.
As a result of excessive downsizing, it is imperative for XRP to register a bullish mean reversal at least for a short period of time according to the market structure. On the weekly, daily and hourly charts, the technical oscillator price reached record lows or traded at all-time lows.
Looking at the 4-hours chart, XRP is facing upside pressure near the $0.46 to $0.44 high level.
However, the price still trades below the 50-day and 100-day EMAs (exponential moving averages). Renewed buying pressure will push the 50-days EMA to $0.45 after the psychological $0.50 mark.
On the other hand, the change in bearish sentiment will continue with the downside. If the price breaks below the session low, it will revisit Friday’s low of $0.38.
Technical Indicators:
RSI: The Relative Strength Index hovers near the mean line with no apparent directional bias. It reads at 46.
MACD: The moving average convergence divergence trades below the midline with increasing bullish momentum.
At press time, XRP/USD is trading up 1.03% for the day at $0.42.
The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.