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The price of XRP has seen its bullish momentum drop significantly. The market has indicated a bearish rally, however, the digital asset is using what little momentum it has built up and, at the time of writing, XRP is trading at $ 0.5776.

XRP chart in one hour

Source: XRPUSD on TradingView

The above chart of XRP highlighted a sudden drop in prices earlier in the day as the value of the digital asset was only $ 0.5082. However, in the last few hours, the coin has increased in the market.

This surge was visible along the ascending channel, however, breaking the pattern could trigger a drop in value.

Reasoning

The XRP chart indicated that the market was comparatively more volatile than before due to the sudden drop followed by a surge in prices. The Bollinger Bands indicator suggested this high volatility when the bands diverged, meaning that the price movement was currently in between a higher range.

While the 50 moving average and the signal line were already above the price bars, the price was on the downside. Meanwhile, the Relative Strength Index suggested that XRP has reached the oversold zone due to selling pressure, but buyers appear to have carried the coin towards the equilibrium zone.

Meanwhile, the Awesome Oscillator noted that market momentum had already dropped to a negative value, but was pushing higher with every green bar.

Conclusion

The price of XRP has increased along the ascending channel, but given its previous allocation, the digital asset could see bearish degradation again. However, in the short term, XRP may continue to consolidate at $ 0.57. If the pressure from sellers continues, the price may decline in the medium term.

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