SNEAK PEEK

• XRP bulls struggle to break through $0.381 resistance.
• TRIX indicator shows modest bullish momentum.
• RSI falls into oversold territory, signaling a possible selling opportunity.

Bears seized command of the XRP (XRP) market at the start of the day, effectively dipping the price to a daily low of $0.3581, where the market found support.

Later in the day, bulls seized control of the XRP market, raising the price to a 24-hour high of $0.381, which seems like a solid barrier since it is still the previous day’s high. But, as of press time, despite meeting resistance, XRP bulls did not give, causing the price to rise by 0.27% to $0.3705.

The bullishness prompted a 0.26% and 5.07% increase in market capitalization and 24-hour trading volume, respectively, to $18,876,232,494 and $1,500,618,297. This rise implies that despite the market’s resistance to XRP, there is still substantial demand for it, and investors remain confident about its potential for development.

The Vortex Indicator on the XRP 2-hour price chart has produced a bearish crossing, moving below its signal line with a value of 1.000 while its signal line reads 1.0046. This crossing indicates that, although XRP is now positive, traders should be cautious since a trend reversal is possible soon.

The TRIX rating of 0.18 shows a modest bullish momentum, indicating that there is still some upward movement, but it is not strong enough to be termed a strong bullish trend.

With a value of 47.11, the Relative Strength Index (RSI) has fallen below its signal line and into the oversold territory, supporting this pessimistic view. This move indicates that the market may continue to fall soon, signaling a possible selling opportunity for traders looking to profit from short-term price swings.

The negative outlook on the 2-hour price shows that the XRP market may undergo a short-term downward trend, perhaps testing the support level at $0.3581. 

Adding to the market’s bearishness, the TRIX indicator on the 24-hour price chart is still in the negative region with a reading of -13.45, indicating that the bear hand is still mighty and that traders should exercise caution when contemplating buying XRP in the near term.

The RSI on the 24-hour price chart, with a value of 43.97 and going below its signal line, adds to the impression of a prolonged bear run. This RSI movement indicates that selling pressure may persist soon. But, traders should look for purchasing opportunities as the market may recover from oversold conditions.

The Vortex indicator is also going lower than its signal line. A reading of 0.9811 indicates that the market is now oversold, signaling a possible buying opportunity for traders ready to take some risk.

XRP faces short-term bearishness but remains attractive to investors, with substantial demand and development potential.

Disclaimer:Cryptocurrency price analysis is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/xrp-price-analysis-14-3/