xrp

Bulls confident about the XRP market despite slump and bears gear up for a visit

The XRP market has endured several ups and downs in the last month. The bears and bulls put up a show in the altcoin’s market
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While several cryptocurrencies hit new highs in the recent crypto rally, XRP was probably the only asset that failed to make a profit. After Bitcoin [BTC] quadrupled, the community went on to speculate that XRP could slump. The altcoin, however, retained itself above null and continued dwelling in the $0.20 zone for the longest time. XRP even slipped in terms of market cap as Polkadot [DOT] had taken over the coin multiple times.

XRP however, rose once again and was seen surging by over 13% in the last 24-hours. Reversing its downtrend, the asset rose to a high of $0.44. The altcoin’s market cap was noted at $20 billion and restored its position as the fourth-largest digital coin.

XRP four-hour price chart on Binance

 xrp
Source – TradingView

The trading pair XRP/USD on Binance was seen welcoming the bulls into the market. The Parabolic SAR indicator was seen forming a bullish pattern. The dotted lines were seen below the candlesticks, this further diminished any immediate drops in the price of the altcoin. The MACD line had slowly taken over the signal line which suggested that a bullish momentum had struck the XRP market. A buyers’ sentiment was still reigning in the altcoin’s market as the Money Flow Index indicator was around 60 median.

XRP one-day price chart on Binance

 xrp
Source – TradingView

The one-day price chart of XRP revealed that the bulls were seeking a way out. The volume in the XRP market on Binance was quite moderate. The Awesome Oscillator indicator was seen gearing up for a reversal in its trend as it formed one red closing bar after an array of green bars. The Chaikin Money Flow indicator remained below zero which pointed out that bearish momentum was intact in the XRP market. The Stochastic Relative Strength Index [RSI] revealed that XRP was recovering from the overbought zone. Despite the infiltration of the bears, the RSI indicator exhibited a buyers’ notion.

The bears and the bulls seem to be tussling in the XRP market. However, while the short-term price chart of XRP announced that the altcoin would move in an upwards direction, the long-term chart suggested otherwise.

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