Sunday, August 7, 2022

XRP Stable at $0.36, Can the Bulls Pull Back?

XRP has been on the upswing for the past few days and the price has held steady at $0.36. After facing persistent resistance at the $0.35 price mark, the coin finally managed to move above the above price range.

The altcoin is trading in the green over the past 24 hours, gaining 1.5%. Over the past week, XRP has appreciated by double digits. Recently, on the development front, XRP plans to expand its operations in Canada to make it a new crypto hub.

The coin has displayed positive sentiments as XRP managed to touch $0.38 on its chart. Soon after touching the $0.38 level, it pulled back. Purchasing power also increased as the coin displayed price optimism, with the asset also being overbought in the past few days.

After the price correction, XRP has retreated from the overbought zone. Today the global cryptocurrency market capitalization is $1.01 trillion and a 1.4% positive Changes in the last 24 hours.

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XRP Price Analysis: Four-Hour Chart

XRP was priced at $0.36 on the 4-hours chart. Source: XRPUSD on TradingView

On the four-hour chart, the altcoin was trading at $0.36. The upper resistance for the coin was at $0.38, with XRP pulling back soon after touching the above price level. The technical outlook of the coin portends an impending bullish price move.

If XRP manages to break the $0.38 level, the coin may trade near the $0.46 level. Thereafter, XRP may try to reach the $0.52 resistance area.

The immediate support for the coin is at $0.34. A fall from the $0.34 support line could propel the altcoin up to $0.29. Trading volume declined significantly, indicating that buying on the charts also declined.

technical analysis

XRP Increases Buyers On Four-Hour Chart Source: XRPUSD on TradingView

Altcoins registered buying power on the charts. XRP finally touched the overbought zone this month, the last time the coin was bought in the past month. The Relative Strength Index was positive at the time of writing.

The indicator was above the 50-mark which indicated heavy buying power. Although the coin posted a slight decline on the RSI, the market was more buyers than sellers. At the 20-SMA, XRP was above the line. This meant that buyers increased the movement of prices in the market.

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The coin was also trading above the 200-SMA line, which is considered extremely bullish, however, if the pressure eases then the bears could pull back.

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XRP sees a sell signal on the four-hour chart. Source: XRPUSD on TradingView

The coin has flashed a sell signal seeing a significant increase in buying power. Moving Average Convergence Divergence indicates price movement and vice versa. MACD underwent a bearish crossover, with a red histogram depicting a sell signal on the chart.

This reading was in line with the downtick noted on the RSI. The Average Directional Index indicates a price trend, the indicator was seen above the 20-point, this reading is associated with the possibility of continued price action in the same direction indicating bullishness.

Nation World News Desk
Nation World News Desk
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