Coin Edition -
- The price of Ripple (XRP) recorded a slight uptick of 0.65% to trade at $0.6047 at press time.
- XRP has been trading in a positive price channel for the past few days and may break above $0.6235 soon.
- Technical indicators on XRP’s daily chart suggested that its price may undergo a correction soon.
Ripple’s CEO Brad Garlinghouse recently put the spotlight on the performance of XRP Ledger’s decentralized exchange (DEX) platform following its substantial growth in the third quarter of this year. According to Garlinghouse, the platform recorded a threefold increase in its trading volume on a quarter-over-quarter basis.
As shared in Q2, our XRP Markets Reports now look a bit different than before. On the plus side, our markets team gives new insight into XRP/L activity they track including daily spot & DEX trading volume (3x growth QoQ!): https://t.co/nfsDGl79HU— Brad Garlinghouse (@bgarlinghouse) November 1, 2023
XRP Current Market Standing
Ripple (XRP) is ranked as the fifth biggest cryptocurrency based on its market cap, according to CoinMarketCap. It experienced a 0.65% increase in price over the last 24 hours, taking its price up to $0.6047 at press time. This also put its total market cap at approximately $32.422 billion.
The 24-hour increase added to the remittance token’s positive weekly streak as well. Subsequently, XRP was up more than 8% over the past 7 days.
XRP was not able to record an increase in its trading volume throughout the past 24 hours. At press time, CoinMarketCap data showed that XRP’s volume was down 22.66%. Consequently, the altcoin’s total daily trading volume was estimated to be $1,781,625,529.
XRP Technical Overview
4-hour chart for XRP/USDT (Source: TradingView)
XRP has been in a medium-term ascending price channel over the past couple of weeks. This was after its price consistently printed higher highs and higher lows during this period. Furthermore, the remittance token was able to flip 2 major resistance levels into support.
The first barrier that XRP’s price overcame was the $0.5290 mark. The altcoin’s price broke above this point on October 23, 2023. In the 24 hours that followed, XRP’s price attempted to break out above the positive price channel and reached a high of $0.5866. Bears quickly pushed the altcoin’s price back down, however, to close the 4-hour candle at $0.5539.
This rejection caused XRP to retrace and attempt a retest of the $0.5290 support level. Bulls were able to prevent XRP’s price from breaking below this point. As a result, XRP’s price entered into a strong move to break above the subsequent threshold at $0.5670 and trade at its current level.
At press time, XRP was trading at the upper level of the positive price channel. Should it close a 4-hour candle above the channel, it may then have the foundation needed to flip the $0.6235 resistance into support within the next 24-48 hours. Thereafter, the altcoin will have a clear path to rise to $0.6680.
Daily chart for XRP/USDT (Source: TradingView)
Zooming out to the daily timeframe shows that technical indicators for XRP suggest the altcoin may undergo a price correction in the short term. This was after XRP’s price was rejected by the $0.6235 resistance over the past 48 hours.
Firstly, the gradient of the daily Moving Average Convergence Divergence (MACD) Histogram shifted from positive to negative. This may indicate that a bearish trend reversal was in the cards for XRP. In addition to the bearishness expressed by the MACD Histogram, the daily Relative Strength Index (RSI) indicator suggested that buyers were losing strength.
At press time, the daily RSI line was sloped negatively towards oversold territory. This negative slope could indicate that buyers were starting to lose their advantage over sellers on XRP’s chart. Should the RSI line cross below the daily RSI Simple Moving Average (SMA) line in the next few days, it will trigger a significant bearish flag.
If this flag is confirmed and validated, then XRP’s price may look to retest the immediate support level at $0.5670 in the following few days. Until then, traders and investors may want to monitor the daily MACD line for the next few days.
The MACD line crossing below the MACD Signal line could confirm a bearish trend reversal for XRP. This will then be followed by the RSI crossing below the RSI SMA line on XRP’s daily chart.
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