XRP price increased by 5% as the crypto market witnessed a brief upswing in the last 24 hours. In recent hours, the majority of coins experienced favourable price movement, and several of them changed their short-term bias from bearish to bullish as a result. The top cryptocurrency, Bitcoin, surged from £16.33k to £17.23k and is currently facing heavy resistance near £17.24k
XRP’s lower timeframe charts showed a bullish outlook at the time of writing. The altcoin has already passed through a zone of support, resulting in a favourable response for the price. The buyers seem motivated to push XRP as high as £0.47.
XRP experienced a precipitous drop into the £0.36 area of support late last month. A September range saw a low of £0.36. The midpoint of this range is at £0.41 and the highs are found at £0.47.
While the price was in a brief slump over the past two weeks, the A/D experienced a steady increase. This demonstrated that XRP’s buying volume was healthy even as it was declining and suggested a reversal.
In fact, XRP’s move into the demand zone at £0.36 resulted in a sharp increase in its price. It also broke the trendline resistance. The RSI, however, did not exhibit a significant bullish momentum in the last few days. Although it managed to rise above neutral 50 to demonstrate that bulls were stronger, it was unable to surpass 60.
Over the past week, XRP encountered some resistance near £0.40 as well. The bulls might restart their effort to push prices up to the range highs if it can turn this level into support. There was no discernible trend on the 4-hour or higher timeframe and the price was within the £0.36-£0.47 range.
Over the past trading day, Bitcoin quickly climbed from £16.42k to £17.22k. Positions worth £741 million were liquidated in the last 24 hours at the time of writing. When a short position in the futures market closes, a position of equal size opens in the long direction.
In the last few days, the OBV indicator showed short-term buying volume for both XRP and BTC. However, with the latter currently facing significant resistance, some may question their idea of positioning themselves bullishly.