Regardlessย of the prevailing bearish sentiment in the market pastย week, Ripple (XRP) bulls showcased their resilience by securing profits. XRPย Rippleย (XRP) stood out amongย the top 20 digitalย currency assets, recording impressive weekly profits of over 8%. Despiteย theย factย that the daily chart displayed a relatively modest increase of greaterย than 1%, it was enough toย sustain the positiveย tendency momentum.
The technical outlook for XRPย Rippleย (XRP) revealed an improvement in buying strength, with demand and accumulation indicators reflecting a recovery on the daily chart.
Nonetheless, the price movement of major cryptoย altcoins remained uncertain as Bitcoinย (BTC) slipped back into the $26,000 price level. The future trajectory of XRPย Rippleย (XRP) will depend on the performance of Bitcoin in theย following trading sessions.
Buyers will gain further strength if Bitcoin exhibits improvement, leading to increased demand for XRPย Rippleย (XRP). Conversely, if demand fails to boost significantly, itย canย potentially impede theย expansion of the XRPย Rippleย (XRP) price. Another positive sign was the recovery of marketย cap, indicating increased demand and buying strength.
XRPย Rippleย (XRP) Price Analysis: One-Day Chart
As of the time of writing, Ripple (XRP) was currentlyย worth $0.46. The cryptoย altcoin demonstrated a wholeย lotย of breakthrough by surpassing the critical resistance level of $0.44, increasing demand for the asset.
Moving forward, theย following obstacle for XRPย Rippleย (XRP) lies at the overhead resistance of $0.48, which is expected to pose a tough challenge for the coin. Nonetheless, if the cryptoย altcoin manages to overcome this resistance level, itย canย potentially potentially target the $0.50 mark.
Conversely, a decline from theย present price level would attract XRPย Rippleย (XRP) down to $0.44, potentially even below the $0.42 price mark. Theย pastย few session witnessed a positive momentum for XRPย Rippleย (XRP), as indicated by the green volume bar of the cryptoย altcoin traded.
Technical Analysis
Upon the price breakthrough over the $0.44 level, buyers swiftly entered the market, exhibiting a surge in demand for the cryptoย altcoin. This heightened interest is further supported by the Relative Strength Index (RSI), which asย ofย now positions itself over the half-line, just below the 60-mark.
This signifies that buying strength outweighs selling strength at theย current moment, underlining the positive sentiment surrounding the altcoin.
Furthermore, the assetโs price hasย beenย growing over the 20-Simple Moving Average (SMA) line, suggesting that buyers were driving the price momentum in the market.
The boostย in demand for the cryptoย altcoin is reflected in the buy indicates observed on the one-day chart for XRPย Rippleย (XRP). The Awesome Oscillator determines price direction and momentum. It generated small green indicates closely tied to buy indicates for the altcoin.
This suggests a positive price action for the coin, highlighting theย capacity for further upward movement. Inย addition, the Bollinger Bands, which measure price volatility and potential fluctuations, maintained a wide range. Nonetheless, the parallel alignment of the bands signifies that the cryptoย altcoin may trade duringย a relatively narrow range in theย following trading sessions.
