XRP managed to surpass the popular meme coin, Dogecoin amidst widespread market declines after the former accumulated weekly gains of 9.10%. It was now the sixth-largest token on the leaderboard. Traders have started to buy at lower levels which could have prompted the digital asset’s recovery which was currently in progress as it geared up to reclaim the first isolated resistance area last seen on the 20th of May.
XRP rose by 1.02% over the past 24-hours which pushed the price to $1.02. At the time of writing, the crypto-asset registered a market cap of $47.04 billion and a 24-hour trading volume of $5.87 billion.
XRP Daily Price Chart:
Despite a bearish start to the day, XRP initiated its march above the 100 DMA [Blue]. The moving average had previously breached twice above the price candles following the market corrections. While XRP moved over the 100 DMA, it still faced a stiff resistance from the 50 DMA [Pink] which was still hovering above it.
The fading volume, on the other hand, did not help the crypto-asset’s bullish case.
The green closing bars of Awesome Oscillator attempted to form a bullish peak as positive momentum sprung back up. The flow of capital in the digital asset continued even after mild setbacks. This was highlighted by Chaikin Money Flow [CMF] that maintained its position above the half-line.
The RSI was yet to recover from the bearish pangs as the buying pressure continued to remain low which could prove to major hurdle in price appreciation.
The key area of $0.91 has encountered multiple pullback attempts over the past two weeks, forming a reliable defensive zone in the process. If bears manage to break this level XRP risks a fall to $0.77 and subsequently $0.511 respectively.
The above resistance areas stood at $1.18, $1.59, and $1.83 respectively.