It’s impossible to keep your eyes out of the cryptocurrency market at the moment. Over the past week, most of the assets in the industry have undergone volatile price swings. Over the 7-day period, all of the top ten assets were incurring more than 5% returns, and the 3rd ranked XRP was among the top-performing assets.
The token displayed a growth of 8.24% over the past seven days and is currently valued at $0.199. With a market capitalization of $8.8 billion and an active trading volume of $17.37 billion, XRP may be able to reach another rally in the coming weeks.
XRP 4-hour chart
In order to analyze XRP’s price movement over the past few weeks, we will take XRP 4-hour into consideration.
It can be identified that since the start of April, XRP has been able to maintain consolidation over the support line of $0.178. During the start of the second week, it witnessed a major rally, and prices reached up to $0.20. However, corrections followed right after and the valuation went down to $0.178 in the charts.
Since then the price attained sideways consolidation between resistance $0.20 and $0.178.
However, over the past week, XRP had been dwelling under the $20 mark and, at the time of writing, indicated the formation of a bullish flag. A bullish flag is indicative of an upcoming positive break and after testing $0.20 around three times in April, XRP should possibly breach $0.20 by the end of May 1st week.
According to the VPVR indicator, the Point-of-Control (Red Line) is at $0.185 which suggests that trading volume at this range is significant. Significant trading volume at a particular range highlights the strength of the support.
The Parabolic SAR also remained bullish for the token as the dotted lines appeared under the candles at the press time. However, MACD raised a major question mark.
The indicator facilitated close proximity with the signal line which exhibited the lack of a strong bullish trend. Although the trend is bullish at present, it might go under a trend reversal as well.
Conclusion
Considering the collective market as a whole is riding a bullish rally, XRP should go on to breach $0.20 by May. However, the volatility side of the market indicated a trend reversal is also possible in the charts.