XRP price could rise if this price barrier is lifted
XRP Price has witnessed consolidation between $0.30 and $0.37 for a significant number of trading sessions. In the past 24 hours, the altcoin has managed to hover around the same price level without losing its market value. In the past week, the XRP price has lost 2% of its value.
Lateral trading had damaged the purchasing power of the currency. In order for the bulls to take the lead, it is important for XRP to break past its sideways trade. XRP had formed higher highs and higher lows at the end of July. The bulls seem unable to get past $0.37.
This could indicate the lack of demand for XRP. The USD 0.37 mark was a driving point for the altcoin’s price, but the bulls were unable to maintain momentum even then. With Bitcoin pulling back on the chart, many altcoins have followed the same sentiment in their respective charts. Demand and broader market strength remain critical to XRP.
XRP Price Analysis: Four Hour Chart
XRP was priced at $0.37 on the four hour chart | Source: XRPUSD on TradingView
The altcoin was trading at $0.37 at the time of writing. XRP had witnessed sharp resistance near the $0.39 price ceiling. If XRP price manages to cross the USD 0.39 level, there may be a possibility for a rally. Additional resistance mark for the coin was $0.40.
Local support for XRP was $0.34. A drop below the USD 0.34 level causes XRP to trade at USD 0.31. The amount of XRP traded during the last session had increased as the sellers dominated the price action.
XRP registered decline in purchasing power on the four hour chart | Source: XRPUSD on TradingView
An ongoing sideways trade with the XRP price fluctuating between $0.30 and $0.37 has slowly pushed buyers out of the market. The technical indicator for the currency indicated this.
The Relative Strength Index was below the zero line as sellers outnumbered buyers in the market. It was a sign of bearishness.
The XRP price was pictured below the 20-SMA line, which is another sign that the bears are resurfacing as the sellers drove the price momentum in the market.
XRP Displayed a Sell Signal on the Four Hour Chart | Source: XRPUSD on TradingView
The decline in purchasing power triggered a sell signal for the altcoin at the time of writing. The sell signal indication meant that bearishness still prevailed. The moving average convergence divergence tells the price momentum with possibility of reversals.
MACD witnessed a bearish crossover and formed the red histograms related to the sell signal. Bollinger Bands indicate the price volatility and thus indicate the possibility of price fluctuations. The bands widened which meant that XRP price could witness emerging price volatility.