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The situation has almost unchanged on the cryptocurrency market as most of the coins remain in the red zone. Bitcoin SV (BSV) is the only gainer from the Top 10 list, rising by 3.23% since yesterday.
However, the overall market capitalization has remained in the same place, and now the index is $344 bln.
The relevant data for XRP today:
Market Cap: $10,842,651,530
Volume (24h): $1,610,834,760
Change (24h): -2.07%
The data is relevant at press time.
XRP/USD: Can bulls fix above $0.24 for a long period?
The XRP price yesterday continued to consolidate in a narrowing sideways range around the POC line ($0.244). In the first half of the day, buyers did not storm the resistance of $0.250 and, in the second half of the day, sellers were able to pierce the support of the two-hour EMA55.
Over the past night, the XRP price recovered slightly, but small volumes do not provide an opportunity to continue growth above the point of control indicator line ($0.244). If bulls manage to break through the resistance of $0.250, then the price volatility may sharply increase and, before the end of the week, the pair will test the level of $0.280.
Increasing pressure from bears will lead to a breakout of the support of $0.230 and a local minimum around the level of $0.213.
On the 4H time frame, bulls have bounced off the trend line, which has confirmed that bears are unlikely to seize the initiative in the short-term perspective. Even though the trading volume is not enough to update the peaks, buyers may retest the resistance at $0.2484 to get more liquidity for further price actions.
On the daily chart, the situation is worse as the rate of XRP keeps locating at one place. However, the trading volume is going down slightly. In this case, there is little chance of a mid-term rise without another drop to the support at $0.2331—which may occur shortly.
XRP is trading at $0.2399 at press time.
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With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at [email protected]