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XRP At $0.31, Will It Climb On The Upside?

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XRP has been consolidating between $0.24 and $0.33 over the last week. Altcoin has recorded an increase over the past 24 hours. XRP registered demand, which led to the recovery of the coin on the chart.

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The cryptocurrency market also registered a general price increase as buyers slowly returned to the market.

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The broader market, despite the rise in price, is still in a volatile state, so it is difficult to determine if XRP will continue its bullish run in the long term.

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At the moment, XRP has secured the $0.30 support level. Since the price of XRP has been constantly falling, it is only natural that the coin could continue to rise.

However, these rallies are short-lived and soon disappear. If XRP does not continue to form higher highs, the bullish trend will not be able to support the bulls in the market.

The capitalization of the global cryptocurrency market today is $958 billion with a positive growth of 0.1% in the last 24 hours.

XRP Price Analysis: 4-Hour Chart

XRP
XRP was worth $0.33 on the 4-hour chart | Source: XRPUSD on TradingView

The altcoin hit a yearly low on the chart this month as the bloodbath continued to expand. At the time of writing, the coin is trading at $0.33. The price has previously displayed a consolidation as XRP traded between the $0.24 and $0.31 levels respectively.

In the last 24 hours, the coin has gone out of range and is worth $0.33. The local support for the coin was $0.30 and the upper resistance for XRP was $0.38.

The $0.38 level became tough resistance as the coin barely managed to rise above this aforementioned price level in weeks. XRP trading volume increased significantly and the bar was red, however, this indicated bearish sentiment in the market.

Technical analysis

XRP
XRP registered an increase in purchasing power on the 4-hour chart | Source: XRPUSD on TradingView

The coin showed a significant increase in purchasing power, which in turn pushed the price north. The Relative Strength Index was seen above the 50 mark, which is a sign of buying power in the market. The technical outlook painted a bullish picture, but the RSI has fallen over the past 48 hours, indicating fragile buying power.

If XRP is to trade in the north, then the coin should rise above the $0.50 mark. However, for this, purchasing power must remain constant. In line with this, the price of XRP was above the 20-SMA, which meant that the buyers were driving the price momentum in the market.

| XRP is consolidating, is it going to recover now?

XRP
XRP gave a buy signal on the 4-hour chart | Source: XRPUSD on TradingView

The Awesome Oscillator also displays price direction and reversal. The indicator flashed green histograms, which serve as a buy signal. The effect of the buy signal was reflected in the RSI, as seen in the previous chart. Chaikin’s money flow was also positive on the lower timeframe.

This indicator indicates the inflow and outflow of capital. On the four-hour chart, the CMF showed an increase in capital inflows and a decrease in capital outflows. Despite the bullish signals on the charts, the altcoin was still fragile. The buying power must remain stable, and only then, with significant demand, can the altcoin remain above the bearish zone.

| Bitcoin back $21K after dropping 75%, where will it go next?

Featured image from UnSplash, chart from TradingView.com



Credit : www.newsbtc.com

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