XRP price consolidates for the past few sessions after recovering 30% of losses witnessed in the previous week. To maintain the current momentum the bulls must stay above the vital support level and maintain momentum to discard further losses.
- XRP price started the session on a higher note but holds the gains as lacking strong buying momentum.
- However, consolidation near $0.45 with average volume indicates a breakout is imminent.
- A daily candlestick below $0.40 would ignore any bullish arguments for the asset.
XRP price seeks sign for upside momentum
XRP price followed the footsteps of the wider crypto market meltdown experienced in the previous week. The token depreciated nearly 21% and fell for the seventh consecutive week. XRP tested 18-month lows but managed to bounce back.
As a result of the extreme downsizing, it is imperative for XRP to register a bullish mean reversal, at least for the short time as per the market structure. On weekly, daily, and hourly charts, the technical oscillator’s value hit record lows or traded at the historic all-time lows.
Looking at the 4-hour chart, the XRP faces upside pressure near the higher level near $0.46 to $0.44.
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However, the price still trades below the 50-day and 100-day EMAs (Exponential Moving Average). A renewed buying pressure would push the price to get the 50-day EMA at $0.45 followed by the psychological $0.50 mark.
On the flip side, a shift in the bearish sentiment would continue with the downside momentum. If the price breaks below the session’s low it would revisit Friday’s low of $0.38.
Technical indicators:
RSI: The relative strength index hovers near the average line with no clear directional bias. It reads at 46.
MACD: The moving average convergence divergence trades below the midline with increasing bullish momentum.
As of press time, XRP/USD trades at $0.42 up 1.03% for the day.
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