XRP’s price action over the past few weeks has been similar to the rest of the market: bearish traps followed by slight bullish signals. As July comes to a close, however, the digital asset industry has gained a strong foothold in the green zone. XRP’s surged in the last seven days to post a 7-day gain of 31.2 percent. At press time, XRP was trading for $0.72 with a total market cap of $33.172 billion. The weekly gain elevated the daily trading volume to $5.113 billion after an increase in buying pressure.
XRP also boomed in the hourly spectrum after posting a rise of 17 percent. This increase was complemented by a bullish sentiment shared by the rest of the cryptocurrency market. Technical analysis of the cryptocurrency showed a marked increase in performance and coin peripherals. The three indicators in question: RSI, CMF, and PSAR, sided with the bull in the short term and the graph rocketed up.
XRP 1 hour:
XRP’s new resistance of $0.73 was a cause of celebration for the XRP cadre after having suffered in bearish territories earlier.
The Parabolic SAR stayed below the markers as the pressure caused the price candles to stay in the green.
According to the RSI, the crypto-asset was well and truly in the overbought zone. This meant that more users were amassing XRP in the portfolio rather than selling it.
Even though the Chaikin Money Flow indicator, was in the green, it showed an affinity towards the zero line
XRP 1 day:
It was good news all the way for the token in the long term as all the corresponding indicators leaned towards the bull. As the immediate supports rectified themselves, it was apparent to see why the cryptocurrency was performing well on the charts.
The CMF in the long term had shot up to settle near the overbought zone. An increase in buy-in pressure proved to be the kicker here.
Although its RSI had a difficult June, it rose sharply in the past few days to stay on course for an overbought zone breach.
The PSAR helped the coin along its bullish path as the markers gave the cryptocurrency a solid foundation. This was primarily due to an increase in conversations around cryptocurrencies and their use cases.