By Curtis Dye
Price action in XRP (XRP) during the last 24 hours has been dominated by bulls, with the currency trading between $0.3874 and $0.3996. While the XRP market has spent most of the previous 24 hours trading in a narrow range, bulls seek a break over the $0.3996 resistance to solidify their bullish grip. As of press time, the XRP price had increased by 1.47%, hitting $0.3947 due to the dominance of optimistic sentiment.
The market cap increased by 1.18%, to $20,047,885,266 due to expectations of further rises, but 24-hour trading volume decreased by 28.25%, to $743,595,524, indicating a lack of strength among the bulls as more traders were pleased with the existing market range. In addition, the market’s inability to break out of its narrow range of $0.3874 to $0.3996 and the drop in XRP’s 24-hour trading volume are both signs that bulls are losing steam. However, cheerful solid optimism in the XRP market suggests that prices may break over the $0.3996 barrier level and continue rising.
XRP/USD 24-hour price chart (source: CoinMarketCap)
The Divergence indicator reading of 56.23 and going north indicate that the positive momentum in XRP may continue in the near term as the task rises. With a “bull” signal reflected on the Divergence indicator reading, XRP bullishness will continue to be strong soon and may climb even higher than it is now. This display improves investor confidence and generates further demand for the asset, leading to a price rise if the positive trend continues.
With the Rate of Change (ROC) trending in the positive zone with a value of 1.15 and the Bullish Engulfing and Bullish Harami patterns emerging on the 4-hour chart, investors may expect XRP prices to rise steadily in the immediate term. If the positive trend continues, XRP’s price may rise as more investors buy into it due to increased trust in the asset’s future.
Also read:The stochastic RSI, on the other hand, is trending below its signal line at 38.91, indicating a likely trend reversal. As a result, XRP investors should exercise care and undertake rigorous due research on the asset before investing further funds. This notion is because the stochastic RSI level indicates that the present bullish trend is losing momentum and might reverse at any time, potentially resulting in losses for investors.
XRP/USD 4-hour price chart (source: TradingView)
The Divergence Indicator on the 24-hour time frame reads 51.34, projecting 69.36 points in the bullish direction and 39.22 points in the bearish trend. As the market is somewhat bullish than negative at the moment, it may be a good time to invest for the short term, and the Divergence Indicator’s current reading of a high number supports this view. This is because 69.36/39.22 shows more buyers than sellers, suggesting that the market mood may change soon.
With a ROC going up at 3.46, the bullish trend in XRP looks to be gathering steam. As a result, this might be an excellent time to take advantage of the positive trend in XRP and the prospective market uptick. There is a modest bullish bias in the market, as shown by the ROC of 3.46 and the ratio of 69.36 to 39.22; this might provide a good chance for speculative short-term investing. In addition, buyers are more optimistic than sellers, which might lead to a rise in the price.
The stochastic RSI is at 65.20 and rising above its signal line, suggesting that bulls are in command and setting the stage for a possible bullish breakthrough. With the strong signals from the technical indicators, this might be a good moment for traders to take advantage of XRP’s potential gains.
XRP/USD 24-hour price chart (source: TradingView)
Bulls need to continue exerting pressure to lift XRP prices higher if the bullish momentum is to prolong in the near run.
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