XRP price at $0.40, can it sustain its bullish revival?


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

In the last 24 hours, the price of XRP recorded an appreciation of 6%. Over the past week, the coin has risen over 20%.

Buyers were trying to drive prices up, and they were finally successful in the last 24 hours.

XRP was stuck at the price of $0.38 for a considerably long period, but buyers rescued the altcoin despite broader market weakness.

Continued buyer pressure could push XRP past its immediate resistance, invalidating its bearish thesis.

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

If the sellers take over, XRP could be pushed near the $0.30 mark. Right now, XRP rests in a crucial support zone.

XRP Price Analysis: One-Day Chart

XRP Price
XRP was 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 had seen weeks of consolidation on its chart. Finally, the buyers pushed the price above the next resistance mark.

Over the past week, XRP has broken through numerous resistance lines.

The immediate price cap for the coin rests at $0.44, as the altcoin has struggled to break above this price level for several months now.

On the other hand, the nearest support for XRP was at $0.38, and a drop from this level would take XRP to $0.30.

If the buyers hold steady, then XRP could rise above $0.42 with a chance to swing above the tough resistance at $0.44.

The amount of XRP traded in the last session has slightly decreased, indicating that the number of buyers has also decreased to a small extent.

Technical analysis

XRP Price
XRP saw an increase in buying strength on the 1-day chart | Source: XRPUSD on TradingView

Buying strength has recovered significantly over the past week, which has slowly helped XRP move higher on its chart.

The relative strength index was almost on the verge of touching the overbought zone, but it noted a decline. Despite the drop, buyers clearly outnumber sellers in the market.

Usually, an increased number of buyers creates lower prices. In this case, XRP could rest at $0.38 before regaining momentum.

The price of XRP was above the 20-SMA line, which signaled that the buyers were driving the price momentum in the market.

XRP Price
XRP recorded buy signal on the 1-day chart | Source: XRPUSD on TradingView

The altcoin appears to be registering an increased buy signal on the daily chart. Moving Average Convergence Divergence represents the market momentum and price action of the altcoin.

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

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

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