After dropping below $0.190 on June 18, XRP faced tremendous bearish pressure over the past 3 weeks. The fourth-largest digital asset was down to $0.170 at one time on 28 June, as the token was breached below multiple supports. However, over the last 30 hours, XRP has endured a significant 10.56 percent rally in the charts and was priced at $0.2044 at press time.
At the time of writing, XRP had a market cap of $9.02 billion with a trading volume of $1.72 billion over the past 24 hours.
XRP 1-day chart
According to the above chart, after registering a high of $0.23 on 29 April, after the May crash, XRP was on a consistent downtrend. With other major assets peaking in May and June, XRP continued to dwell on depreciation, but its price oscillated within the trendlines of a descending channel. Asset recorded strong lows at $0.23 and $0.21, with lower lows at $0.197, $0.185 and $0.175.
As a result, the asset has been inclining to a bullish breakout over the past few months, which occurred recently on 8 July. f The asset breached the descending channel pattern and the resistance formed at $0.185, $0.192, and $0.195 were all surpassed in the proceeding.
At the time of writing, XRP remained close to the $0.211 resistance, but the asset was faced with the long-term overhead resistance of the 200-moving average. The key bullish indicator shown by the token is the fact that the asset has risen to $0.204 above the Control Line (Red Line). If the asset is able to hold a positive above the red line for the next 24-48 hours, the potential for the asset to break the resistance is higher at $0.211.
Market Indicators remain fairly bullish as well, as the MACD line surpassed the signal line in the charts. After giving away momentum to the sellers, RSI sustained a higher buying pressure as well, which may have prompted the recent rise in valuation.
However, despite XRP’s rise, it can be speculated that XRP’s ascend may have been due to Bitcoin’s rise in the charts on 7th July. Bitcoin climbed up to to $9450 for a brief period which evidently revitalized the rest of the digital assets. As exhibited in the above correlation charts, the XRP-BTC index indicated a sharp rise during the same time XRP pumped.
Hence, a period of correction could be bestowed upon XRP if Bitcoin fails to hold its higher valuation range in the industry.