The crypto market’s largest assets, Bitcoin (BTC) and Ethereum (ETH), are hovering on the upside, with a brief bullish support. Notably, the Fear and Greed Index value is holding steady at 39, which reports that fear is lingering in the market. With the overall uptick in the market, Ripple’s native token, XRP, has posted a spike in price of over 2.75%.
The altcoin has opened the day trading at the bottom price range of $2.77. With the bullish shift in the XRP market, it likely broke the key resistance range between $2.81 and $2.86. After assuring the bullish wave, the asset climbed and hit the daily high at around $2.90. If the bulls lose momentum, the price may fall deeper.
At the time of writing, XRP trades near the $2.84 range, with its market cap settled at $170.72 billion. In addition, the daily trading volume has increased by over 42.43%, reaching the $4.22 billion mark. Consequently, a $4.39 million liquidation of XRP was witnessed within the market, as per Coinglass data.
XRP Price: Can the Uptrend Continue?
In case the bullish pressure gained more traction, the price could mount and test its initial resistance at around $2.90. If the XRP price holds strong, it will find its subsequent resistance near the $2.96 range, with the potent upside correction triggering the emergence of a golden cross.
Assuming XRP’s current momentum reverses, the price might face a pullback toward the support level below the $2.78 range. Additional downside risks could push it to a crucial support level that forms at $2.72. It applies more pressure on its price action, kicking the death cross out to unfold.
XRP’s four-hour technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line is above the zero line and the signal line is below it. This indicates that the short-term uptrend is stronger than the long-term. Potentially, it gives a sign of upward price movement. Besides, the Chaikin Money Flow (CMF) indicator value of 0.08 is positive but relatively low. This shows that there is buying interest in the market, as funds are flowing into the asset.
Furthermore, the daily Relative Strength Index (RSI) at 55.35 signals that the asset is in a moderate bullish zone, but not overbought yet. This level suggests the market is steady, with no clear dominance from buyers or sellers. XRP’s Bull Bear Power (BBP) reading at 0.0503 hints that the bulls are stronger than the bears. The buyers have a slight dominance, but the trend is not strong.
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