Despite XRP’s recent sluggishness, the token is performing significantly better than other coins. The bulls successfully defended the $0.3 support and tried to reverse the trend by breaking the key resistance.
Since the price did not decline after the false breakout, this indicates that the bulls may be stronger than the bears. Thus, the volume has increased, which is a positive indicator.
At the time of writing, XRP is trading at $0.364, up 12% over the past seven days, data from Coingecko shows, Monday.
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Image - The Coin Republic
XRP Straight Green Candles
Ripple has recorded three green daily candles in a row, and buyers were able to see the price rise 15 percent by Friday evening. The primary concern, however, is whether this rally is sufficient to halt the intermediate-term bearish trend.
On the daily scale, buyers pushed the price towards the short-term horizontal resistance at $0.4, attempting to break a major breakout for the third time.
The 14-day RSI indicator has entered positive territory and is currently trading above the baseline. This means that the bulls are now more dominant than before.
Ripple has not been able to achieve higher daily highs for a long time. Since May this year, sellers have prevented the bulls from crossing the previous peak (in yellow).
Imge - TradingView.com
To initiate a trend reversal, XRP must first establish a high above $0.4. In this instance, bearish momentum may eventually begin to decrease.
The bulls must then cross the horizontal barrier between $0.50 and $0.55 (in blue) before retesting the descending trend line (in red).
Overcoming the red static barrier that has been shadowing the price for quite some time could be a very bullish indicator for the coin.
Global Crypto Market Cap 1.35%
According to data from CoinMarketCap at the time of writing, the market capitalization of cryptocurrencies worldwide increased by 1.35 percent to nearly $980 billion during the past 24 hours.
XRP total market cap at $17.6 billion on the daily chart | Source: TradingView.com
The worldwide cryptocurrency market’s 24-hour volume declined 1.7% to $61 billion, while 24-hour DeFi volume was $5.55 billion, representing 9.0% of the global crypto market.
The volume of all stablecoins was $55.63 billion or 90.72 percent of the 24-hour volume of the entire crypto market.
Currently, XRP is seeing resistance at the 50-day SMA. If there is any success, it will mark the first time since March 9 this year. However, before a possible reversal, the price should first consolidate above the key resistance level between $0.48 and $0.52.
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Featured image from The Merkle News, chart from TradingView.com