XRP Steady At $0.36, Could The Bulls Be Back?
June 26 2022 - 9:00PM
NEWSBTC
XRP has been moving laterally over the last few days and the price
has steadied at $0.36. After facing consistent resistance at the
$0.35 price mark, the coin finally managed to move past the
aforementioned price ceiling. The altcoin has been trading in the
green over the last 24 hours, it rose by 1.5%. In the past week,
XRP appreciated by double digits. Recently, on the developmental
front XRP has plans to extend its operations to Canada in order to
make that a new Crypto Hub. The coin has displayed positive
sentiments as XRP managed to touch $0.38 on its chart. Shortly
after touching the $0.38 level, it displayed a pull back. Buying
power also increased as the coin displayed price optimism, the
asset was even overbought over the last couple of days. After the
price correction, XRP has retreated from the overbought region. The
global cryptocurrency market cap today is $1.01 Trillion with a
1.4% positive change in the last 24 hours. XRP Price Analysis: Four
Hour Chart The altcoin was trading at $0.36 on the four hour chart.
The overhead resistance for the coin stood at $0.38, XRP pulled
back right after it touched the aforementioned price level. The
technical outlook of the coin painted an incoming bullish price
move. If XRP manages to breach the $0.38 level then the coin might
trade around the $0.46 level. After this, XRP could attempt to
reach the $0.52 resistance mark. Immediate support level for the
coin stood at $0.34. A fall from $0.34 support line can push the
altcoin to $0.29. Trading volume dipped considerably which
signified that buying has also declined on the charts. Technical
Analysis The altcoin registered buying strength on the chart. XRP
finally had touched the overbought zone this month, the last time
the coin was overbought was in the past month. The Relative
Strength Index was positive at the time of writing. The indicator
was above the 50-mark which signified heavy buying strength.
Although the coin noted a slight downtick on the RSI, there were
more number of buyers than sellers in the market. On the 20-SMA,
XRP was above the line. This meant that buyers drove the price
momentum in the market. The coin was also peeping above the 200-SMA
line which is considered extremely bullish, however, if buying
pressure fades the bears could be back. Related Reading | Bitcoin
Coinbase Premium Gap Approaches Zero, Selloff Ending? The coin
after noting significant increase in buying strength has flashed a
sell signal. Moving Average Convergence Divergence indicates the
price momentum and also reversals in the same. MACD underwent a
bearish crossover, the red histograms painted a sell signal on the
chart. This reading was in consonance with the downtick noted on
the RSI. Average Directional Index points towards a price trend,
the indicator was seen above the 20-mark, this reading is tied to a
possibility of continued price action in the same direction
indicating bullishness. Suggested Reading | Bitcoin Regains Some
Luster With 15% Rally To $21,700 – Can It Maintain The Shine?
Featured image from UnSplash, chart from TradingView.com
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