After registering a resounding surge on 6th and 8th July, XRP’s price has continued on a downward trajectory ever since in the price charts. Over the past 24-hours, its turnaround has been on the upside with a growth of 1.63 percent. However, the assets market cap continued to lag behind Tether as XRP witnessed a $8.66 billion evaluation in comparison to Tether’s $9.18 billion.
XRP had a trading volume of $880 million in the last 24-hours.
XRP 12-hour chart
As mentioned above, XRP’s price hasn’t had the best performance over the past few days with the token losing up to 8.15 in valuation since 9th July. Between the timeline of 8th July to present, the asset has maintained a downward depreciation within the trendlines of a descending channel, which usually attains bullish implications in the charts. A drop below $0.204 and $0.193 isn’t exactly positive but after the drop on 16th July, the token performed formidable to return above the resistance of $0.194.
Over the past three days, the crypto has done well to sustain positioned above the aforementioned resistance, and it is currently eyeing a bullish breakout from its descending change pattern.
After a possible breakout upwards, it is likely possible for XRP to march towards $0.204 once again but a breach above is fairly unlikely at the moment.
The dropping trading volume alongside price over the past 10-day is a good sign since it improves the narrative of a trend reversal. For XRP, it has been a difficult period fo register a significant breach because of the overhead resistance provided by the 200-Moving Average.
As observed, the resistance has thwarted XRP’s movement thrice in the past few months, first on 29th April, then on 2nd June and now recently on 9th July.
For the time being, Market indicators also remained strong bearish for the 4th largest digital asset. MACD line supported a bearish trend as the red line hovered over the blue line.
Whereas, Relative Strength Index or RSI suggested that neutrality has been attained between the buying and selling pressure. Therefore, even though a possible bullish move might be imminent, it might take place after a week and not immediately after a few hours.