Categories
Uncategorized

XRP Attempts To Regain Control; Jump Above $1.5 Signals Strength

You are here: Home / News / Altcoin News / XRP Attempts To Regain Control; Jump Above $1.5 Signals Strength May 3, 2021 by Chayanika Deka XRP’s performance over the past week has been better than most top cryptocurrencies in the leaderboard. The fourth-largest crypto-asset amassed weekly gains of 34% after recovering from the previous…

You are here: Home / News / Altcoin News / XRP Attempts To Regain Control; Jump Above $1.5 Signals Strength

XRP Attempts To Regain Control; Jump Above $1.5 Signals Strength

by

XRP’s performance over the past week has been better than most top cryptocurrencies in the leaderboard. The fourth-largest crypto-asset amassed weekly gains of 34% after recovering from the previous week’s downturn.

The recent weakness in the price of Bitcoin has encouraged the altcoins to break out and rally to crucial points. It has also surged in tandem with the peer coin’s price movement but was rejected by a psychological resistance are.

The upward retreat has been halted by the bears even as XRP was up by 1.03% over the past 24-hours and was exchanging hands at $1.59. At the time of writing the digital asset registered a market cap of $72.20 billion and a 24-hour trading volume of $6.71 billion.

XRP Daily Price Chart:

XRP1

The declining volume could hamper potential upside price movement in XRP’s daily chart. There has been a slight reduction in XRP’s volatility as the price dipped. The upsloping moving averages remained pretty much unfazed by the crypto-assets correction on the charts and continued to support the price movement.

The 50 DMA [Pink] neared the candle on the 25th of April but the token’s price picked up the very next day leaving the moving average to hover underneath it. The 100 DMA [Blue], on the other hand, settled well below the 50 DMA.

XRP2

The dotted markers of the Parabolic SAR’s shifted below the token’s price candles after the recovery rally which depicted a bullish phase in the market.

The MACD also underwent a bullish crossover, indicating a low but increasing buying demand among the market participants. This was also evidenced by the RSI that steadied its position above 60-zone suggesting that the sentiment of buying pressure among the investors is still intact.

XRP’s resistance levels were found to be at $1.83, and $2.01 while the support points stood at $1.35 and $1.02 respectively.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *