Deutsch한국어 日本語中文EspañolFrançaisՀայերենNederlandsРусскийItalianoPortuguêsTürkçe
Portfolio TrackerSwapBuy CryptoCryptocurrenciesPricingWalletNewsEarnBlogNFTWidgetsCoinStats MidasDeFi Portfolio Tracker24h ReportPress KitAPI Docs

XRP gains could be limited until this happens

3y ago
bullish:

11

bearish:

2

image

Led by Bitcoin's rebound from $30,000, the global cryptocurrency market has been on a bullish run. The gradual rise of buying pressure saw most alts register a period of sustained growth over the past few days. XRP too saw a spike in value as the last six days alone contributed to a price increase of over 20%.

However, its price seemed to settle into a restricted channel now and awaited stronger cues from broader market before making the next move. At the time of writing, XRP traded at $0.601, down by 0.36% over the last 24 hours.

XRP 4-hour chart 

Source: XRP/USD, TradingView

XRP's chart highlighted a bull flag breakout once prices touched a support line of $0.580. This led to an immediate rise of 4.3% but gains were limited at an upper ceiling of $0.615. Since making the move, the market seemed to be leveled between buyers and sellers and the emergence of successive short-bodied candlesticks indicated a period of consolidation.

Reasoning 

The Squeeze Momentum Indicator suggested that bullish momentum has been on a decline over the last few days after prices broke north from a bull flag pattern. Black dots also indicated that the market was now entering a squeeze and gains would be limited till volatility returns.

Relative Strength Index traded in bullish territory but inched closer to 55-50. A bounce back from the half-line would be a sign of strength in the market. On the downside, OBV formed a bearish divergence with the price and suggested that selling pressure outpaced buying pressure in the past few days. If this factor comes into play, XRP could decline below its 20-SMA and move to its next defense at $0.580. Conversely, a bullish outcome could boost prices towards $0.6260 and 200-SMA (green).

Conclusion 

XRP bulls seemed to be running out of steam and prices could test its defense at $0.60 in the coming hours. In case of a breakdown, XRP would trend lower and find a resting ground at $0.580-support. Meanwhile, stronger cues from the broader market could be catalysts for the next major swing.

The post XRP gains could be limited until this happens appeared first on AMBCrypto.

3y ago
bullish:

11

bearish:

2

Manage all your crypto, NFT and DeFi from one place

Securely connect the portfolio you’re using to start.