XRP Hits 7-Day High, Bulls Dominate Amid Increasing Buying Pressure

ByGavin Cole

Mar 21, 2023

Key Insights:

  • XRP gains momentum and targets $0.48 and $0.50 resistance levels.
  • CMF indicates investor caution, but MFI signals buying pressure.
  • XRP market shows investor warning due to overbought conditions despite positive momentum.

XRP (XRP) has been gaining ground in the previous 24 hours, with bearish’ efforts to lower the price thwarted after the market found support at $0.374. Bulls continued to dominate, soaring the cost to a 7-day high of $0.458 in a few hours. As of this writing, the price has risen to $0.4514, representing a 19.97% increase.

If the bulls continue to gain momentum, the 7-day high might be breached, and the following resistance levels could be $0.48 and $0.50. If the bears seize control, the price may retreat down to the $0.40 support level.

Because of the price gain, traders’ emotions have shifted to the optimistic side, and there is a prospect of increasing purchasing pressure in the market, which might drive the price further higher. This assumption is supported by a 19.11% and 147.37% increase in market capitalization and 24-hour trading volume, respectively, to $22,844,741,816 and $2,692,409,463.

XRP/USD Technical Analysis: Stochastic RSI, CCI

On the 3-hour price chart, the Stochastic RSI has lines pointing north, with the upper one at 100.00 and a lower one at 87.31. This motion demonstrates how unpredictable the market is and how a significant price change could occur in either direction. The price has deviated significantly from its average value, as shown by the 12.69 difference between the lines, indicating that a correction may be overdue.

With a value of 307.44, the Commodity Channel Index (CCI) is on the upswing. This level suggests that the commodity’s current price is significantly higher than its average price, pointing to a possible overbought situation. Because buyers dominate the market and push prices up, XRP will likely rise soon.

XRP/USD Technical Analysis : CMF, MFI, Keltner Channel

The Chaikin Money Flow (CMF) in the XRP Market, with a value of 0.15, demonstrates that there is still some investor hesitancy and caution even though it is positive. It implies that there may soon be some selling pressure and that the market is not entirely bullish. Therefore, placing stop-loss orders may lessen the likelihood that current investments will suffer losses.

The Money Flow Index (MFI) value of 66.85 is optimistic, with the line pointing north. As a result, the market is under intense buying pressure, and the upward trend will likely continue. Traders may interpret this as bullish and look for opportunities to start long positions.

Since the Keltner Channel bands on the XRPUSD price chart are broadening and going higher, this might imply a probable bullish trend for XRPUSD in the near future.

Traders may purchase XRP/USD now to take advantage of the potential price spike. This movement is reflected in the upper band score of 0.4274, while the bottom band touches at 0.374. The enormous green candlesticks are building on the XRP price chart, indicating that the market is experiencing significant bullish momentum and buyers are dominating trading activity. This move might result in a massive spike in the price of XRP in the near future.

In conclusion, XRP shows signs of bullish momentum with a 7-day high, but traders should remain cautious of potential corrections and market fluctuations.

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