- XRP coin is now showing a symmetrical triangle pattern.
- XRP price is near to the neckline of the upper top.
XRP coin is now struggling to break the neckline of the symmetrical triangle pattern, showing a rise in projections with a spike in volumes in the recent trading sessions. Moreover, the increase in the momentum of bulls gave a conviction that the tokens started to accumulate from the lows near the $0.4200 mark.
However, the sellers maintained the grip near the horizon of $0.500, which was sold out, and the price action now indicates that buy-on dips were shown.
Higher marks were sold out based on the price action, and buyers again pushed toward the bottom spots. The sellers are taking a deep breath, and buyers are willing to attain momentum. The fight was still in action; bears dominated the action, and bulls lost the pace of activity and the shine.
When writing, XRP coin trades at $0.4450 with an intraday drop of 0.70% showing buyers are losing momentum. Moreover, the trading volume shows a decent 4.60%, offering buyers participation.
XRP coin was under the hands of sellers in the past weeks when the price was near the supply range of $0.5500, bulls could not hold the muscles, and the token was facing the selloff towards the congestion zone and was noted hovering, resulting in the corrective phase. XRP coin traded below the significant moving averages and showed correction in the past trading sessions.
Daily Charts Formation of XRP
On the daily charts, the XRP coin is showing a bounce off from the primary support mark of $0.4000, the prominent demand zone. Buyers continue to show their aggressive muscles and try to attain the surge in price.
Moreover, the recent buying with a surge of 11% showed that bulls are likely to shift the gains and put efforts to continue the strength, growing the pace. However, bulls gain the upswing, and the uptrend will resume when the price breaks the neckline of $0.4600.
What Technical Indicators Say?
On the 4-hour charts, the XRP coin showed a rise in the recent sessions and surged by 11% in the recent session. Moreover, the price action shows bulls trying to dominate the uptrend.
The RSI curve is declining from the overbought zone and above neutrality, showing that buyers have activated the muscles in the past sessions, resulting in an uptrend.
The MACD curve also shows buying outlook and bulls dominance in the last sessions, bulls persist in growing and multiple supports are tested, and bulls are likely to show off the pace of energy and their robust muscles to win this exciting battle.
Conclusion;
XRP coin is showing a divergence, and bulls will likely grow the muscles and shift the rise in the upcoming sessions. However, the trend is volatile now, assumed to be attained by the mighty bulls.
Technical Levels
Support Levels: $0.4000
Resistance Levels:$4800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.