- XRP is trading at $2.41 over the past 24 hours.
- The RSI of the altcoin is neutral to slightly bullish at 55.
As the new week kicked off, analysts have expectations for assets with promising patterns. With the global market cap staying at $3.54 trillion, assets have shown mixed signals. Ripple’s XRP has been in the bearish trap, showing a spike of 0.54%.
XRP’s brief recovery triggered it to visit its daily high of $2.44. The lowest price is marked at $2.33 in the early hours. At the time of writing, XRP trades at $2.41. An upside break might propel a bullish rally.
Notably, the daily trading volume of the asset is resting at $4.24 billion. According to Coinglass data, the market has witnessed a $5.12 million liquidation of XRP during this time span.
Over the past seven days, the asset has gained over 15.84%. It opened the week trading at $2.07, and gradually managed to climb high to the current trading level.
Can XRP Break Free from the Bearish Hold?
The Moving Average Convergence Divergence (MACD) line of XRP is likely found beneath the signal line. This indicates the bearish crossover and brings selling pressure in the market.
Moreover, the Chaikin Money Flow (CMF) indicator is positioned at 0.02, suggesting a slight positive money flow and a mild buying pressure in the market. Meanwhile, the asset’s trading volume has increased by 15.74%.
The four-hour trading pattern of XRP looks bearish. If the support at $2.36 fails to hold, the price could face intense selling pressure, and might decline toward the $2.30 mark. A further drop could push the price down to $2.20.
Conversely, if the upside correction resumes, the XRP price could break above the $2.45 resistance. Eventually, the bullish momentum could target $2.57. If the momentum sustains, the price might target a strong bullish rally.
In addition, the 24-hour chart of the altcoin reveals the short-term 9-day moving average below the long-term 21-day moving average. Besides, XRP’s daily relative strength index (RSI) is 55.44, suggesting the asset is neutral-to-slightly bullish.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
