XRP Price Support Holds Despite Oversold Status, Rally Soon?

  • XRP is the top gainer among the 10 highest cryptocurrencies in the last 7 days.
  • Despite its oversold status, XRP’s support is able to hold the weight thrown by bears.
  • The Digital Euro Association has announced its partnership with Ripple.

The crypto market is now seeing what appears to be the start of a price correction after a convincing escape from bear territory. Many would believe that the ice is thawing as spring is about to arrive – figuratively speaking – and that the pullback is only just a fleeting moment.

Among these coins, XRP’s market gains seemed to be the most convincing. In fact, it is the top gainer among the top ten coins in the last 7 days. However, XRP price’s movement in the last 24 hours appears to be anticlimactic, to say the least. That said, will XRP price bounce back, or will it join the market’s supposed capitulation? Perry John-Parker, SAP’s Practice Lead, apparently believes so.

Parker’s XRP sentiment came alongside the Digital Euro Association’s announcement of its partnership with Ripple, the company that issued XRP.

Meanwhile, XRP has been able to hold its price at a critical support level despite being oversold.

XRP/USDT 1-hr chart (source: TradingView)

As seen on the chart, XRP saw a momentary pullback after being rejected by the $0.09 resistance. It is now trading sideways, although we can see a couple of higher lows.

In the last couple of hours, the Relative Strength Index (RSI) also indicated that XRP is already oversold, showing that a lot of traders have decided to sell their stake for now. This is expected by many, as the recent rally was only a test pump.

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