XRP Bulls Fail To Stall Correction Below $1 But There’s Room For More Growth

XRP Bulls Fail To Stall Correction Below $1 But There’s Room For More Growth

Following the market-wide retraction, several top altcoins including XRP saw their weekend gains slashed. Despite this, the fifth-largest crypto-asset by market cap was still up by a total of 54.60% over the past week.

XRP has be one of the strongest performing top altcoins in the cryptocurrency leaderboard. After a period of intense rallies, the token was subjected to a profit taking phase as selling pressure took over which drove it price below the milestone $1-mark.

After a decline of 14.86% over the past 24-hours, the crypto-asset was priced at $0.915. At the time of writing, it registered a market cap of $41.2 billion and a 24-hour trading volume of $19..91 billion.

XRP Daily Price Chart:

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XRP Bulls Fail To Stall Correction Below $1 But There’s Room For More Growth 1

The crypto-asset recently established a three-year high not seen since February 2018. The Wednesday correction was, however, substantial as it pulled it back below $1. The volatility in the market remained intact despite the fall which could provide room for more upside potential.

The upsloping moving averages, especially the 50 DMA [Pink] attempted to break above the XRP price candles. But the move was averted as the token posted back to back gains. After undergoing a bullish crossover, the 100 DMA [Blue] has maintained its position below supporting the price from a market downturn.

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XRP Bulls Fail To Stall Correction Below $1 But There’s Room For More Growth 2

The green closing bars of Awesome Oscillator remained unfazed by yesterday’s pullback depicting a strong bullish momentum in the coin market.

The MACD also continued to strengthen its foothold in the positive region after the bullish crossover.

In tandem with XRP’s price action, the RSI took a plunge from the overbought to the 68 level indicating a minor decline in the buying sentiment among the holders in the market.

The overall trend appears to be in bulls court. The first resistance for the crypto-asset lies at the recently hit $1.09. If this level is met, the altcoin could target its objective at $1.18. Its support points, on the other hand, stood firm at $0.53 and $0.444 respectively.

Published at Thu, 08 Apr 2021 09:09:17 +0000