Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
At the time of writing, recovery had set in across the cryptocurrency market, with XRP already bouncing from the lows of $0.5156 to $0.5946. This was a rally worth 15.60%, with XRP likely to be in a position to expect an 11% appreciation in its value soon.
XRP 12-hour chart
Source: XRPUSD on TradingView
Although XRP has remained consistently bearish for the past couple of months, the prevailing rally on its charts has pushed the altcoin’s market to pursue a brief period of bullishness. The aforementioned bullishness is still conditional, however.
The ongoing shift in price trend brought the altcoin’s bulls to the market. However, a tussle might become more visible and apparent over the next few trading sessions before the digital asset moves again on the charts. In fact, the altcoin’s price was close to the resistance level at $0.6058. If the price does indeed breach this level, it could give the bulls an upper hand and the price might appreciate to $0.6747.
At the time of writing, the volatility in the market had reduced, with the surging price pushing the signal line [Orange line] under the candlesticks. This finding was a sign of the hike in upwards pressure. In fact, the same was also affirmed by the Directional Movement Index on the chart.
The -DI converged with the +DI and, at the time of press, the two lines were at a point of a crossover. However, the ongoing tussle between the buyers and sellers made sure the DMI was at a point of equilibrium. However, the Awesome Oscillator indicated that buyers are currently filling their bags.
With buying momentum rising, interest among traders has also been increasing. This could invert the bearish trend to a bullish one and help the price surge to $0.6747 on the price chart.
Crucial levels to watch out for
Take Profit: $0.6747
Risk and Reward: 2.15
The current XRP market is at a crucial point. The buying and selling pressures were tallied at press time, but the price level may attract more buying pressure since there is more upside to be had for XRP’s local high. The hike in buying pressure for Bitcoin could also push gains into the XRP market.