The Bitcoin market has been witnessing a bit of correction in the market. However, despite minor corrections in the Bitcoin market, the XRP market has been showing a sudden boost in value. At the time of writing, XRP witnessed a 29% surge in an hour, however, it retraced a little during the same time frame. Currently, XRP was being traded at $0.5894.
XRP 4-hour chart
The XRP chart above noted that its price was sloping lower by the day and had found stability between $0.5854 and $0.5119. Meanwhile, the consolidation gave way to the bears in the market, and the overall trend of the market switched to a bearish one.
However, the sudden surge observed in the past few hours was not a result of organic growth. Therefore, the market may face difficulty in sustaining this price level.
The XRP market has just witnessed a price swing. Irrespective of the prevailing trend in the market, the value of the cryptocurrency surged. This caused the pattern also to reverse momentarily. The 50 moving average was located above the candlesticks and was acting as a resistance, however, the trend seems to have changed as the MA now finds itself under the price bars.
While the relative strength index was closer to the oversold category when the spike in price took place it has now moved closer to the equilibrium zone. Despite the shift in the price trend, the buyers and sellers were evening each other.
As the nature of the current surge seems to be inorganic, the awesome oscillator showed low momentum in the market to keep up with the current price level. It has instead moved to the positive side but remains inactive.
The XRP chart above showed a surge leading to a price swing in the market. However, there was not enough momentum in the market to sustain the high price level. Therefore, there could be a correction in the market, after a brief period of consolidation.