While most of the assets in the market remained green, XRP appeared to be consolidating slightly. The sixth-largest crypto-asset is experiencing a slowdown depicting exhaustion in the month-long bullish momentum as it after hitting a crucial resistance level despite the increasing volatility in the market. It was still up by over 6% over the past week.
Over the past 24-hours, XRP rose by 1.22% which drove its price to $1.26. At the time of writing, the crypto-asset registered a market cap of $57.53 billion and a 24-hours trading volume of $6.26 billion.
XRP Daily Price Chart:
The volume in the daily XRP chart has failed to support the uptrend and was nowhere near the figures reached during the April high. The sharp correction after the digital asset briefly hit $1.3 in the second week of August was followed by a bearish crossover by the 100 DMA [Blue] and the 200 DMA [Yellow].
However, the upsloping 50 DMA [Pink] appeared to be heading for a much-needed golden cross. If this transpires, the crypto-asset could breach crucial levels and even target ATH that was last seen in January 2018.
The Awesome Oscillator [AO] depicted a struggling momentum in the coin market. Despite sustaining a minor slump, the Chaikin Money Flow [CMF] continued to show an inflow of capital into the coin market. The ongoing consolidation followed the extreme overbought reading on the daily Relative Strength Index [RSI]. However, the metric has now slid out of the overbought territory, creating the space for a new surge of momentum and higher prices as sentiment was still in buyers’ favour.
The above charts depicted a bullish outlook. Currently, XRP’s overhead resistance level stands at $1.3, which, if breached, could bring $1.59 and $1.83 at play. The support level for the crypto-asset, on the other hand, was at $0.85, and $0.52 respectively.