Is there a technical indicator that could suggest an XRP rally in the short term?
The cryptocurrency market soared after Bitcoin (BTC) reached $ 6,200. Now, all 10 major currencies are also in green.
During today’s price hike, Bitcoin gained more than altcoins, which positively affected the dominance rate of the main cryptocurrency.
Let’s take a look at the relevant XRP data:
Market cap: $ 74444 086 204
Price: $ 0.175944
Volume (24h): US $ 2,108,663,774
Change (24h): 2.77%
These are the relevant data at the time of writing.
XRP / USD: the rally in progress may be false
Yesterday, traders pushed the price of XRP below the blue trend line. In the evening, buyers were able to seize the opportunity and recover the two-hour EMA55.
Buyers still have a chance to compete for the $ 0.187 resistance retest, but this requires a strong bullish momentum. If the volume of purchases cannot be increased, the price could fall to the $ 0.130 area by the end of the week.
On the daily chart, bears are dominating, which is confirmed by the relatively low liquidity at current levels. In addition, the RSI indicator is forming a bearish divergence.
A decline to the nearest $ 0.14 area up to that weekend could currently be the most plausible scenario for XRP.
The token is currently trading at $ 0.1761.