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Ripple’s XRP Volatile, But Bulls Push Prices Above $0.4 Resistance

admin, · Kategorien: Allgemein

• Ripple’s price has experienced increased volatility over the last 24 hours, with fluctuations of around 15%.
• The price has dropped towards and rebounded from $0.3 rapidly, as demonstrated by the considerable wick to the downside.
• The $0.3 support level has held the price from crashing further, pushing the cryptocurrency to the upside.

Ripple’s XRP has seen a tumultuous few days of trading, with prices swinging wildly over the last 24 hours. The digital asset, which is the third-largest by market capitalization, experienced fluctuations of around 15% in a matter of hours, with the XRP/USDT pair falling as low as $0.29 before recovering to above $0.35.

Looking at the daily chart, it is clear that the price has dropped towards and rebounded from $0.3 rapidly, with a considerable wick to the downside visible. The initial sell-off appears to have been triggered by the rejection of the 200-day and 50-day moving averages on multiple occasions. However, the $0.3 support level has been successful in holding the price from crashing further, pushing the cryptocurrency to the upside.

At the time of writing, XRP is trading at $0.34, with a market capitalization of over $15 billion. The asset is up over 8% in the past 24 hours, however, it is still down around 3% on the week. The bulls are attempting to gain control of the market and push prices above the $0.4 resistance level. If they are successful, XRP could be set for further gains in the coming days.

On the technical side, the Relative Strength Index (RSI) is currently at 48.78, indicating that the market is slightly oversold. If the bulls can push the RSI above the 50 level and break the resistance, XRP could climb to the $0.4 price level, which is a crucial psychological barrier for the digital asset. The MACD also appears to be turning bullish, indicating that the bulls may have the upper hand in the short-term.

In summary, XRP has experienced increased volatility over the last 24 hours, with prices swinging wildly. The $0.3 support level has been successful in holding the price from crashing further, pushing the cryptocurrency to the upside. The bulls are now attempting to gain control of the market and push prices above the $0.4 resistance level. If successful, XRP could be set for further gains in the coming days.