XRP’s uptrend, after soaring to its year-to-date [YTD] high of $1.97, was cut short by the market-wide pullback. It incurred a weekly loss of nearly 24%.
The rally prior to the correction, however, saw an overall strong performance from the digital asset which had remained unfazed by the developments of the lawsuit against the blockchain company, Ripple, by the regulatory watchdog, SEC.
At the time of writing, XRP was exchanging hands at $1.31 while holding a market cap of $60.9 billion after slashing most of its gains. The fourth-largest crypto-asset was still down by 1.21% in the last 24-hours with a trading volume of $13.42 billion.
XRP 24-hour Price Chart:
The converging Bollinger Bands depict a phase of low volatility in the XRP market which could signify a consolidation in offing.
The upsloping moving averages continued to remain undeterred even as the crypto-asset took a double-digit plunge over the past week. The 100 DMA [Purple] continued to hover well below the price candles as well as 50 DMA [Pink] depicting the presence of bulls in the coin market.
The red closing bars of Awesome oscillator depicted a trend of weak bearish momentum in the coin market. The Chaikin Money Flow [CMF], on the other hand, continued to tread above the zero-line which indicated that a steady inflow of capital into the XRP market even as the coin suffered one of the biggest pullback of the year.
RSI turned down from the overbought conditions but has maintained its position above the 50-median line depicting a sentiment of decline but intact buying pressure among the traders in the XRP market.
The above charts depict the hints of a bearish pressure as the price continued to favor the bulls. Hence, XRP could potentially witness a consolidation phase before a substantive breakout on either sides.
Its resistance levels stood at $1.46, and $1.83 while its immediate support points were found to be at $1.011 and $0.98 respectively.