December 8, 2022

At the time of writing, XRP price has noticed an upward movement on its chart. After uniting the origin for a few days, he finally traveled north.

Over the past 24 hours, the price of XRP has increased by 6%. In the past week, the coin has gained more than 20%.

Buyers have been trying to raise the price, and have finally succeeded in the last 24 hours.

XRP has been stuck at the $0.38 price mark for quite a long time, but buyers rescued the altcoin despite the weakness of the broader market.

Continued pressure from buyers could push XRP past immediate resistance, which could cause it to invalidate its bearish hypothesis.

On the other hand, if the bulls fail to defend the current price level, the sellers will take over.

If sellers take over, XRP could be pushed closer to the $0.30 price mark. At the moment, XRP is in an important support area.

XRP Price Analysis: 1 Day Chart

XRP price
XRP is priced at $0.40 on the 1-day chart | source: XRPUSD on TradingView

The altcoin was trading at $0.40 at the time of writing. XRP price has seen weeks of consolidation on its chart. Finally, the buyers pushed the price above the next resistance mark.

Over the past week, XRP broke through several resistance lines.

The spot price cap is at $0.44 as the altcoin has struggled to break above this price level for several months now.

On the flip side, the closest support for XRP was at $0.38, and a drop from this level would bring XRP to $0.30.

If the buyers remain stable, XRP could exceed $0.42 with a chance to fall above the strong resistance at $0.44.

The amount of XRP that was traded in the last session decreased slightly, which indicates that the number of buyers has also decreased somewhat.

Technical Analysis

XRP price
XRP Sees Buying Power Rise on the Intraday Chart | source: XRPUSD on TradingView

Buying power has rebounded significantly over the past week, slowly helping XRP to move higher on the chart.

The RSI was about to touch the overbought zone but indicated a decline. Despite the decline, buyers outnumbered sellers in the market.

Usually, the increasing number of buyers leads to a fall in prices. Should that happen, XRP could stabilize at $0.38 before gaining momentum again.

XRP price was above the 20-SMA line, indicating that buyers were driving the price momentum in the market.

XRP price
XRP registered a buy signal on the 1 day chart | source: XRPUSD on TradingView

The altcoin appears to be registering an increasing buy signal on the intraday chart. Moving average convergence divergence depicts market momentum and altcoin price movement.

The MACD underwent a bullish crossover and formed green signal bars, which was a buy signal for the currency. The increase in the volume of the signal bars indicates that XRP will move higher on its chart.

The Parabolic SAR also determines the general direction of the market, and the dotted lines below the price candle indicate bullish momentum.

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