XRP’s price has seen its bullish momentum dip substantially. The market has been indicating bearishness take over, however, the digital asset is making use of what little momentum it has got going, and at the time of writing, XRP was being traded at $0.5776.
XRP one-hour chart
Source: XRPUSD on TradingView
The above chart of XRP highlighted a sudden price drop earlier today as it took the value of the digital asset as low as $0.5082. However, over the past few hours, the coin has been surging higher in the market.
This surge was visible along the ascending channel, however, the break out of the pattern could trigger a drop in value.
Reasoning
The XRP chart has been indicating that the market was comparatively more volatile than before due to the sudden dip followed by a surge in price. The Bollinger Bands indicator suggested this high volatility as the bands diverged, meaning that the price movement currently was between a higher range.
Whereas, the 50 moving average and the signal line were already above the price bars noting the price was trending lower. Meanwhile, the Relative Strength Index suggested that XRP had hit the oversold zone owing to the selling pressure, but the buyers seem to have carried the coin to the equilibrium zone.
Meanwhile, the Awesome Oscillator noted that the momentum in the market had already dropped to a negative value, but has been pushing higher with each green bar.
Conclusion
The XRP price has been rising along the ascending channel, but given its previous breakdown, the digital asset may once again see a bearish breakdown. However, in the short-term XRP may continue to consolidate at $0.57. If the pressure from the sellers’ sustains, the price may witness a drop in the mid-term.
