- XRP Token price action continues to move within the consolidation range in the 4-hour chart.
- The recent bear trap in the 4-hour chart shakes out most of the bears.
- The pair of XRP/BTC is trading at 0.00001877 BTC with an intraday move of +6.97%
Source- XRP/USD chart by tradingview
XRP Token price trends sideways in the consolidation range in the 4-hour chart. However, the recent bear traps shake most of the bearish traders out. As a result, the price increases afterward.
Pivot point analysis has shown that the resistance levels of the Token are at $1.27, following $1.40. However, if the price drops below $1.12, sellers could face resistance at $1.07 and $1.0.
XRP Token trades for $1.17 and has experienced a 4.11% rise in market capitalization within 24 hours. In addition, the intraday trading volume increased by 90% over the last day.
Bearish Reversal Does Not Guarantee A Fallout For XRP Token Price
After the bear trap, followed by the bull run, the XRP token price faces opposition from the resistance level of the consolidation range. However, this does not guarantee a fallout. Hence, we can see further expansion of this consolidation range.
The XRP token price shows a bullish trend, with its price trading higher than all the important EMAs 20, 50, and 100. These EMAs can provide support to the falling XRP prices due to the recent evening star pattern.
As the daily slope falls, the RSI indicator predicts a fall in underlying bullishness in the price action.
The MACD indicator shows the MACD and signal lines rising higher in the 4-hour chart. Furthermore, the lines indicate a buy signal as the fast line is above the seller’s line.
Conclusion: XRP Token Price action indicates a fall in buying pressure evident by the bearish reversal within the consolidation range with an evening star pattern. However, investors can expect a bullish reversal in the token price as it approaches the solid EMAs.
Resistance– $1.27 or $1.40
Support– $1.12 and $1.00