Since the beginning of the month, price of XRP has seen a revived bullish momentum. Compared to many of the top crypto-market coins, the rise of XRP has not yet been matched, with XRP after 5 April succeeding in pushing its price up by more than 266%.
When it was written, XRP was trading at $1.75 and was the 4 th largest cryptocurrency on the market, with market caps of over $80 billion. In the past 7 days, XRP’s market has seen a 93 percent increase in prices. Interestingly, XRP noticed a small price reversal at the press moment, considering the bullish momentum of the previous week.
XRP’s price has been increasing for more than a week now and seems to have reached a sufficiently high degree of resistance. The coin has been trying over the last three days to break the $2 price mark every time. While this is not a bold indication of the price of a coin, it goes to show that there may be a fall in the bullish momentum on the market.
A price correction could be anticipated in this case, and the price could be pushed to $1.31 for immediate assistance. Last time on 12 April, this price range contributed to a rise in the price.
However, it is difficult to predict if such a fall would take place in the next week in the context of current market conditions.
In the next 48-hour period, if initial support is violated, dealers will take advantage of short positions and gain near the $0.8 range of XRP.
The Reason
In a little over a week, XRP saw a tremendous rise in bullish momentum. However, there could be a minor correction as the pattern changes fast. The MACD indicator has interestingly continued its bullish crossover but, within the next week, the RSI has started to leave the overbooked zone and may head to the neutral zone. This may indicate a decrease in bullish momentum.
Abschluss
XRP may make one more attempt to try and breach the current resistance level. If such an attempt fails, it may soon head towards its immediate support. For traders, if this level fails, then opening short positions on the coin may prove useful.
