XRP bounces from mid-range support level – can bulls push toward $0.41

Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.

• XRP had a bullish bias however was buying and selling simply beneath a resistance stage.
• A transfer above $0.385 would sign an excellent likelihood of an upward continuation for the worth.

Ripple’s [XRP] costs reached a long-term assist stage of $0.374 over the previous few days. The sellers tried to drive costs decrease, however the bulls had been in a position to battle again. On the time of writing, the decrease timeframe momentum had flipped bullish.

How a lot are 1, 10, and 100 XRP price right this moment?

Nevertheless, that doesn’t imply XRP was able to shoot upward to the vary highs at $0.41. There was one more stage of significance simply overhead the place XRP was buying and selling at press time. If it had been flipped to assist, decrease timeframe merchants can look to purchase the asset.

Momentum gave the impression to be on the verge of flipping to the bullish facet

Supply: XRP/USDT on TradingView

XRP has traded inside a spread from $0.415 to $0.33 since November, with the mid-range mark at $0.374. Earlier than the late February retest of the $0.374 stage, XRP had reached the identical assist stage in mid-February. On that event, the bulls couldn’t forestall a fast decline to the $0.36 mark. However thereafter, bullish sentiment had taken maintain of the market. This was when Bitcoin [BTC] fell to the $21.6k assist stage.

At press time, Bitcoin traded at $23.7k. The following important resistance stage lies at $25.2k. It had already been rejected from this space on 20 February. Due to this fact, a deeper pullback to $22.5k cannot be discounted.

This meant that though XRP displayed some bullishness, shopping for XRP might be dangerous. The RSI moved above impartial 50 and held a studying of 54, which indicated impartial to weak bullish momentum. Alternatively, the OBV has been in decline over the previous two weeks.

Therefore, regardless of the decrease timeframe upward momentum, there was an absence of real demand from the consumers. This urged {that a} rally might be short-lived. To the north, $0.385 and $0.405 are resistance ranges to be careful for.

Practical or not, right here’s XRP’s market cap in BTC’s phrases

The Open Curiosity declined regardless of advancing costs

Supply: Coinalyze

The one-hour chart on Coinalyze confirmed that the funding fee remained optimistic. However this was in distinction to the falling Open Curiosity over the previous few hours, though XRP rose greater. This urged an absence of conviction within the futures market.

All put collectively, the symptoms confirmed an absence of shopping for stress regardless of the decrease timeframe bullish outlook. On the four-hour chart, the bias was bullish after the sturdy bullish market construction break that occurred on 15 February, when costs shot above $0.385. This H4 bias would flip bearish if XRP dropped under $0.36.