XRP Defends Crucial Level Even As Buying Pressure Dips

XRP’s downward price action minimized its weekly gains to just 18.78%. The bulls had previously struggled to defend the support area after the market-wide dip which triggered liquidations of positions of almost $2 billion on the 15th of Feb. However, there could be an extended positive streak awaiting.

But, XRP was still down by 0.70% over the past 24-hours and was currently trading at $0.556. The crypto-asset further recorded a market cap of $25.5 billion and a 24-hour trading volume of $9.58 billion.

As opposed to several other top altcoins, XRP has lagged behind for most of the part. The fifth-largest cryptocurrency is yet to see a robust price action to gain fresh momentum if it plans to breach new resistance levels. Will the token aim for a much-awaited rebound?

XRP Daily Chart

XRP

XRP has been one of the most volatile assets in the recent bulls season. After establishing a local top, the crypto-asset took a reverse aiming for the bearish territory.

Its immediate support level has, however, held the coin firmly from further downside price action. The moving averages depicted a positive turn. Just last week, the 50 DMA [PINK] suffered a death cross with the 200 DMA [Purple]. The trend was short-lived as the DMAs flipped positive on the 12th of Feb. The rising gauge between the two DMAs further instilled a ray of hope in the coin’s price.

XRP2

Despite lackluster in the crypto-asset’s price movement, the technicals depicted a bullish picture.

For instance, the continuation of the green closing bars depicted a bullish momentum in the XRP’s price action in the days to come. The MACD, however, was converging with the signal line. If this comes to fruition, the coin could seen diminishing buying demand in the near-term.

The RSI also dropped after hitting the overbought region but appeared to tread steadily quite above the 50-median line which depicted a minor drop in buying sentiment.

So far, the XRP bulls have managed to defend the current area. Hence, the macro trend was still positive. Besides, the coin’s target levels were found to be at $0.631, $0.696, and $0.75 respectively. It was firmly supported at $0.47, $0.34, and $0.25 levels.

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