XRP Price At $0.40 Can It Hold Its Bullish Revival?

At the time of writing, XRP price noticed an upward move on the chart. After the asset was consolidated for a few days, it eventually traveled north.

In the past 24 hours, the XRP price registered a 6% increase. In the past week, the currency is up more than 20%.

Buyers tried to push the price up, and they finally succeeded in the last 24 hours.

XRP held steady at the $0.38 price level for a significant length of time, but buyers have bailed out the altcoin despite broader market weakness.

Continued pressure from the buyers could cause XRP to push past its immediate resistance, invalidating its bearish thesis.

On the other hand, if the bulls fail to defend the current price level, the sellers will take over.

If the sellers take over, XRP could be pushed close to the $0.30 price. Right now, XRP is in a critical support zone.

XRP Price Analysis: One Day Chart

XRP was priced at $0.40 on the one-day chart | Source: XRPUSD on TradingView

The altcoin was trading at $0.40 at the time of writing. XRP price had witnessed weeks of consolidation on the chart. Finally, buyers pushed the price above the next resistance mark.

In the past week, XRP has broken many resistance lines.

The immediate price cap for the coin is at $0.44 as the altcoin has struggled to move past that price level for several months.

On the downside, the closest support for XRP was $0.38, and a drop from that level would bring XRP to $0.30.

If buyers hold steady, XRP could move past $0.42 with a chance to break above the heavy $0.44 resistance.

The amount of XRP traded in the last session has fallen slightly, indicating that the number of buyers has also fallen slightly.

Technical analysis

XRP witnessed a surge in purchasing power on the one-day chart | Source: XRPUSD on TradingView

Purchasing power recovered significantly over the past week, helping XRP slowly travel up the chart.

The Relative Strength Index was close to hitting the overbought zone but noticed a downtick. Despite the downturn, there are far more buyers than sellers in the market.

Usually, a larger number of buyers results in a price reduction. In that case, XRP could rest at $0.38 before regaining momentum.

The XRP price was above the 20-SMA line, indicating that buyers were driving the price momentum in the market.

XRP registered buy signal on the one-day chart | Source: XRPUSD on TradingView

The altcoin appears to be registering an increased buy signal on the one-day chart. Moving Average Convergence Divergence reflects the market momentum and the price action of the altcoin.

The MACD underwent a bullish crossover to form green signal bars, which were a buy signal for the currency. The increase in the size of the signal bars indicates that XRP will rise on its chart.

The Parabolic SAR also determines the general market direction, and the dotted lines below the price candlestick indicate bullish momentum.

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