XRP Price Could Rise If It Clears This Price Barrier
August 17 2022 - 12:00AM
NEWSBTC
XRP Price has witnessed consolidation between the $0.30 and $0.37
mark for a considerable number of trading sessions. Over the last
24 hours, the altcoin has managed to hover around the same price
mark without losing its market value. In the past week, XRP price
has lost 2% of its value. Lateral trading had caused buying
strength of the coin to be be affected. For the bulls to take
charge, it is important for XRP to break past its sideways trading.
XRP had formed higher highs and higher lows at the end of July. The
bulls don’t seem to be able to push past the $0.37 mark. This could
be pointed towards the lack of demand for XRP. The $0.37 mark has
been a propelling point for the altcoin’s price, however, the bulls
could not hold on to the momentum even then. With Bitcoin receding
on its chart, many altcoins have also followed the same sentiment
on their respective charts. Demand and broader market strength
remain crucial for XRP. XRP Price Analysis: Four Hour Chart The
altcoin at the time of writing was trading for $0.37. XRP had
witnessed sharp resistance at the $0.39 price ceiling. Incase XRP
price manages to topple over the $0.39 level, there could be a
possibility for a rally. Additional resistance mark for the coin
was at $0.40. The local support for XRP rested at $0.34. A fall
below the $0.34 level will cause XRP to trade at $0.31. Amount of
XRP traded over the last session had increased as the sellers were
dominating the price action. Technical Analysis A continued
sideways trading with XRP price oscillating between $0.30 and $0.37
has pushed buyers out of the market slowly. The technical indicator
for the coin displayed that. The Relative Strength Index was below
the zero-line because sellers were more compared to buyers in the
market. It was a sign of bearishness. XRP price was pictured below
the 20-SMA line which again is a sign of the bears resurfacing as
the sellers were driving the price momentum in the market. Related
Reading: Outflows Rock Bitcoin As Institutional Investor Sentiment
Starts To Turn The fall in buying strength gave rise to sell signal
for the altcoin at the time of writing. The indication of the sell
signal meant that the bearishness was still prevailing. The Moving
Average Convergence Divergence tells the price momentum with
possibility of reversals. MACD witnessed bearish crossover and
formed the red histograms which are related to the sell signal.
Bollinger Bands indicate the price volatility, thereby, pointing
towards chance of price fluctuation. The bands became broader which
meant that XRP price could witness upcoming price volatility.
Related Reading: XRP Sluggish At Resistance – Will It Break Out
After 2 Months Of Vertigo? Featured image from UnSplash, chart from
TradingView.com
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