XRP Price Rallied 7%, Is It Gearing To Test The Next Resistance?

The XRP price climbed 7% over the last 24 hours, turning the technical outlook for the coin bullish. In the past week, the XRP price had not performed too well, but with the recent price surge, it made up for its weekly loss.

Currently, XRP has only lost 2% of its market value in the last week.

Despite most altcoins staggering under the bearish influence, XRP has managed to display positive sentiments on its daily chart. Buyers seemed to have gained confidence in the asset.

The technical outlook also turned towards bullish signals at the time of writing. After registering selling strength over the past few weeks, XRP now trades with increased buying strength.

Bitcoin’s price movement is still taking a toll on XRP price movement.

At the current price level, XRP is still trading 89% lower than its all-time high of $3.40. The global cryptocurrency market cap today is $1 trillion, with a 0.1% negative change in the last 24 hours.

XRP Price Analysis: One Day Chart

The altcoin was trading at $0.35 at the time of writing. Tight resistance awaits XRP at $0.38 as the altcoin has struggled at that price level for a considerably longer period of time.

Once XRP propels above the aforementioned resistance, there could be a chance for the altcoin to revisit the $0.44 level. On the other hand, support for the coin stood at $0.33.

At the moment, the XRP price is trading quite close to that level. The amount of XRP traded in the last trading session declined, which could be a sign that the number of buyers could have declined at the time of writing.

Technical Analysis

At the time of writing, buyers seemed to have helped XRP push prices up. Technical indicators also indicated that buying strength helped with the altcoin’s recovery.

The Relative Strength Index was above the half-line, which meant that buyers took over the price action in the market.

On the RSI, however, there was a small downtick, which could mean that the number of existing buyers has declined.

The XRP price also peeped through the 20-SMA line, which demonstrated that demand for the coin existed and that buyers were driving the price momentum in the market.

Buyers have acted on the buy signal flashed by XRP on the daily chart as seen on its indicator.

Moving Average Convergence Divergence underwent a bullish crossover and depicted green signal bars, which were buy signals for XRP.

The MACD displays the price momentum and the direction of the asset. The Stochastic RSI also reads the market momentum. The indicator was seen above its centre line, which meant the asset was trending higher.

Featured image from Pixabay, Chart: TradingView.com

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