XRP had a bullish phase during the past few weeks as BTC bears failed to push past the crucial support area of £16.4k.
At the time of writing, it was trading just below a resistance level, although recent weeks showed signs of consistent demand for XRP.
XRP was overwhelmingly bearish on the higher timeframe. In the past four months, the altcoin has lost 58% of its market value. The downtrend has continued; however in mid-July, it was able to surpass the downtrend’s previous lower high of £30.2.
Although XRP hasn’t moved much past this point in the past month, the £0.25–£0.26 demand zone has been held. The buyers also succeeded in forcing a rally to the £0.30 resistance. This showed that £0.30 could flip to support and form a range within a month to two months.
It is worth noting that XRP has ranged between £0.30 and £0.25 since mid-June.
On the daily chart, the RSI and the OBV provided some useful insight. The RSI was able to rise above neutral 50 and maintain a level above 45.
The RSI climbed to 59 following the most recent spike from £0.27, signalling strong bullish momentum. Additionally, an upswing was in process with the RSI above neutral 50.
Another minor indicator of increasing momentum was the Stochastic RSI, which was also trending toward overbought territory. The OBV created higher lows during the past few months, which is far more significant than the Stochastic RSI. In recent days, it has crossed the May resistance.
The daily RSI and OBV indicated that it is possible for the upward trend to continue. The resistance levels of £0.34 and £0.37 are significant ones to be aware of to the north. A retest of the £0.30 area as demand can be the time to buy the cryptocurrency with a stop-loss below £0.30.