Despite XRP seeing a surge yesterday, the digital asset is now trading in the bearish zone. The digital asset made headlines after it crossed the $1 mark despite its controversial lawsuit with the United States Securities and Exchange Commission. The coin didn’t stop there as it further went on to accrue more profits, keeping investors and traders happy for the main time.
But with the way things are looking, the asset might be going under a price correction, or the bears have set their tent in the market and are leading it. Ripple went as high as $1.60 before seeing the bears record a 3.80% decline to trade at $1.38.
The digital asset now trade at $1.38
Despite the asset seeing the bears briefly, it is safe to say that the asset is presently showing bullish on-chain momentum. As it stands now, the asset is trying to re-enter the upper region after showing solid signs of an upward move since yesterday. The 50 day SMA also points towards the upper region as it is now close to the $0.60 price mark in the same region.
The asset is already overbought but will continue to make strides to enter the 40 region of its Stochastic level. This also means that despite the slight dip, buyers are doing their part well in the market, buying up whatever they can.
It is no longer news that most assets in the market are showing bullish glimpses, and the story is pretty much the same for XRP. To back that up, traders could use this current price retracement or decline a move to enter the market and add to the pressure by the previous traders. Together, they could push the price within the touching distance of another high.
The technical analysis has shown that the market saw a brief sell-off from a few trades, hence the slight dip. Even with this, one would have to look carefully at the on-chain data to establish if the asset would dip further. This means that the bears have to put in every work even though they are present as the traders would not hesitate to trigger the bulls when they have the chance.
As it has been in the last few days, the digital asset has suffered a setback against the leading digital asset, Bitcoin, even though it has seen a bullish run. Ripple had been trying to make a push for a reach out of a range, with this still unsuccessful.
Even though the asset is still struggling against Bitcoin, it is good to note that the asset still has more purchasing power against Bitcoin trading momentum, as seen from the on-chain analysis. It is still unclear where the asset will trade but what is established is that it is still showing bullish momentum.