The digital asset has been riding a bullish wave over the last few days. Bitcoin was leading the industry charge, and the major altcoins were following on its cue. XRP wasn’t really far behind in terms of registering growth, but the conundrum remains common in the charts. Specific resistance continues to be its trading dilemma as the 4th largest asset struggled to breach above the range.
At press time, XRP was valued at $0.205 with a market cap of $9.23 billion.
XRP 12-hour chart
As observed in the charts, over the past two months, XRP has exhibited a bullish breakout after the price mediated within a descending channel for a period of time. The channel formed during the month of June had a longer time frame, whereas the channel pattern in July witnessed a quicker bullish breakout.
However, both times the price surge was shunted by a common overhead resistance. The 200-Moving Average(Orange Line) restricted XRP’s price hike again during the recent hike, as the price attained corrections at the time of writing.
The resistance of 200-MA is proving to be a strong barrier, stopping the price on four different occasions in the last few months. However, a consistent re-test is also a good sign for the token, as the asset is measuring its way to eventually breach past it. Now, considering that the asset is able to maintain its position between $0.211 and $0.200 over the next few days, XRP ‘s chances of crossing $0.211 will improve in mid-August. A drop below $0.200 puts the ball back in the bear’s court.
XRP 1-hour chart
Although maintaining a position between $0.211 and $0.200 is appealing, it is important to note that the most active trading range for XRP has been between $0.195 and $0.200 since May. Hence, the higher bearish pressure is most likely to bring it down XRP to that range of $0.201 and $0.195.
According to indicators, the Relative Strength Index or RSI remains on the favorable side of the bulls. If the buying pressure maintains a position above 50 index, there is a higher chance of consolidation above $0.200.
MACD remained bullish for XRP as the signal line(orange line) lagged behind the MACD(blue line) at the time of press.