Breaking Through This Ceiling Will Propel XRP By Another 12%

The price of XRP experienced an increase after surpassing the $0.50 mark; however, it has recently undergone a fresh decline. Analyzing the daily chart, the altcoin has depreciated by approximately 3%, whereas the weekly chart shows an appreciation of about 6%.

The technical outlook for XRP indicates a bearish bias due to a decrease in demand and accumulation shown on the chart. Buying strength has weakened following the coin’s drop below the $0.50 threshold.

As Bitcoin entered the $30,000 price range, other major altcoins also began to appreciate on their respective charts but remained constrained beneath immediate resistance levels. So it is crucial for XRP to surpass the $0.50 mark to enable an upward movement.

Related Reading: Conflux Claims Its Place Among Top Altcoins As CFX Price Skyrockets 46%

Currently, the $0.50 price level acts as a significant barrier that needs to be converted into immediate support. If the altcoin manages to consistently trade above $0.50 for a substantial number of sessions, it may initiate a rally.

The market capitalization of XRP has also declined, indicating a decrease in buying strength.

XRP Price Analysis: One-Day Chart

XRP was priced at $0.49 on the one-day chart | Source: XRPUSD on TradingViewFollowing its failure to maintain a price above $0.50, the altcoin was trading at $0.49. With a small boost from buyers, there is potential for the altcoin to once again surpass the $0.50 threshold.

An important resistance level for XRP is situated at $0.53. If this resistance is overcome, XRP could make an attempt to trade above $0.56, resulting in a significant 12% rally.

Conversely, a decline from the current price level would bring XRP down to $0.47. The volume of XRP traded during the last session was in the red, indicating that selling pressure outweighed buying pressure.

Technical Analysis

XRP noted a decline in buying strength on the one-day chart | Source: XRPUSD on TradingView