- The daily price chart of XRP seems to be sideways below $0.5 Mark, shows the ignorance of buyers’.
- The trading volume is remaining lower than $2 Billion, this could be the reason behind low volatility.
- The XRP coin belonging to the Bitcoin pair is 0.000014 Satoshis, up by 1.5%.
The price of XRP has consolidated in recent sessions after recovering 30% of its losses from the prior week. The bulls must maintain their current momentum and remain above the critical support level in order to avoid further losses.
XRP price shows lowest high momentum in over a month. Therefore, buyers are reducing their buying interest as price action shows a low-low formation on the daily graph.
As a result of the downtrend, XRP dropped to the $0.3361 mark, which is an annual low and has also acted as an important hedge zone for buyers. Thus, at the time of writing, XRP was trading at the $0.427 mark. Meanwhile, the market capitalization of over $20 million, according to CMC’s 24-hour data, recorded 4.5%. Furthermore, the XRP coin belonging to the bitcoin pair is up 1.5% at 0.00000014 satoshis.
The volume has dropped drastically since last week. The trading volume is less than $2 billion, this may be the reason for the low volatility. Moreover, important exponential moving averages like 20, 50, 100 and 200 are well above the live price of XRP.
XRP seems to be sideways on daily price chart
If more bloodshed is possible then bulls should manage XRP price above 90-day low if it breaks below this mark.
Thus, the RSI is showing a recovery from the oversold area twice in terms of the daily price chart. But still the bulls can see the pull back near the semi-line (50-mark).
Similarly, the ADX indicator is rising gradually, showing strength in bullish momentum with the presence of the 50 mark.
Conclusion
Although the bulls are barely managing to keep the XRP price in the higher zone, trading volumes remain low to cushion the selling pressure. If the bulls reclaim the $0.5 mark soon, there could be a short covering.
Technical Level
Support level – $0.30 and $0.10
Resistance level – $0.60 and $1.0
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.