XRP Aims For 20% Gains Above This Bullish Formation

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Published 21 mins ago

The Ripple (XRP) price prints modest gains on Wednesday. However, it lacks buying strength as the price moves with very limited price action. Currently, the XRP/USD is trading at $0.33, up 0.41% in the past 24-hour. The trading volume fell 16% to $990,174,543.

  • XRP price is making efforts to hold onto gains following a consolidation near a lower level.
  • The price has deprecated nearly 12% over the past one week due to a lack of buying interest.
  • However, the formation of the Doji candlestick near the support level suggests bulls are not in the mood to give up.

According to CoinMarketCap, the total market cap of the seventh largest coin stands at $16,423,297,995.

XRP price analysis has turned mildly positive as the bulls have managed to hold the $0.3274 mark. The move towards the $0.33 has taken the bears on the ride. Buyers are getting support on the hourly chart.

XRP price looks for an upside reversal

Source: Trading view

On the daily chart, the XRP price is moving in a see-saw range between $0.32 and $0.34 with the downside being capped. The XRP price analysis shows that the bullish bias is getting traction with the reversal sign getting more pivotal.

The formation of multiple Doji candlesticks indicates that buying interest is brewing up among investors. Now, a green candlestick above the 20-day EMA at $0.3458 would further strengthen the upside momentum in the asset.

The bulls would next explore another critical 50-day moving average at $0.3630 followed by the highs of July 20 at $0.3816.

Neutral readings from the momentum oscillator signal extended consolidation and ask for more confirmation.

On the flip side, a break below the session lows would invalidate any bullish argument.

1-hour chart approaches critical upside level

Source: Trading view

After falling from the highs of $0.3475 on July 26, the XRP price has been consolidating in a short-term range of $0.3270 and $0.3410.

To support the bullish argument, the price pierces above the 50-day ema at $0.3376. Next, the bullish MACD also advocates short-term upside in XRP.

Resistance: $0.3410

Support: $0.3305

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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