- After a 3% spike, XRP is trading around $2.12.
- The 24-hour trading volume has jumped by over 46%.
Like putting a break to the sustained bearish pressure, the crypto market is attempting a recovery, with the market cap climbing to $2.75 trillion. Amid this, Ripple’s XRP has posted a gain of over 3.48%.
XRP has failed to breach the ATH even after a series of recovery attempts. The key resistance levels are to be tested to wake the bulls for a prolonged bullish rally. The asset traded at a low of $2.04 in the early hours, and the bulls gradually sent the price to $2.14.
At the time of writing, XRP traded at $2.12, with its daily trading volume reaching $2.26 billion. Notably, the XRP market has witnessed a $3.34 million liquidation during this period.
Furthermore, the Bollinger Bands on the 4-hour chart for XRP are tightening. This usually indicates a period of low volatility and often precedes a significant price move.
Can XRP Hold the Line or Is a Breakdown Brewing?
XRP has the potential to trigger a plunge in the price below $2.04. A sturdy bearish pace could drive the asset to fall sharply toward $1.40. This might invite deep correction, and the asset likely enters a strong bearish zone.
Assuming the asset holds solidly at the $2.16 range, it might kickstart an early recovery. Breaking above this crucial resistance could widely open the gate for an upward move, targeting the next resistance at the $2.87 range.
The Moving Average Convergence Divergence (MACD) line of XRP is stationed above the zero line, but the signal line remains below zero, indicating that the asset’s uptrend is in its early stage.
Moreover, XRP’s Chaikin Money Flow (CMF) indicator at -0.04 suggests the outflow of money with mild selling pressure in the market. Concurrently, the daily trading volume has soared by over 46.23%.
The asset’s Bull Bear Power (BBP) value at 0.0697 signals a slight upper hand of bulls in the market. Besides, the daily relative strength index (RSI) of XRP, found at 58.36, implies a neutral to mildly bullish condition.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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