HomeNewscoinquora.comXRP Price Support Holds Despite Oversold Status, Rally Soon?

XRP Price Support Holds Despite Oversold Status, Rally Soon?

- Advertisement -


  • XRP is the top gainer among the 10 highest cryptocurrencies in the last 7 days.
  • Despite its oversold status, XRP’s support is able to hold the weight thrown by bears.
  • The Digital Euro Association has announced its partnership with Ripple.

The crypto market is now seeing what appears to be the start of a price correction after a convincing escape from bear territory. Many would believe that the ice is thawing as spring is about to arrive – figuratively speaking – and that the pullback is only just a fleeting moment.

Among these coins, XRP’s market gains seemed to be the most convincing. In fact, it is the top gainer among the top ten coins in the last 7 days. However, XRP price’s movement in the last 24 hours appears to be anticlimactic, to say the least. That said, will XRP price bounce back, or will it join the market’s supposed capitulation? Perry John-Parker, SAP’s Practice Lead, apparently believes so.

Parker’s XRP sentiment came alongside the Digital Euro Association’s announcement of its partnership with Ripple, the company that issued XRP.

Meanwhile, XRP has been able to hold its price at a critical support level despite being oversold.

XRP/USDT 1-hr chart
XRP/USDT 1-hr chart (source: TradingView)

As seen on the chart, XRP saw a momentary pullback after being rejected by the $0.09 resistance. It is now trading sideways, although we can see a couple of higher lows.

In the last couple of hours, the Relative Strength Index (RSI) also indicated that XRP is already oversold, showing that a lot of traders have decided to sell their stake for now. This is expected by many, as the recent rally was only a test pump.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 17,043.87
ethereum
Ethereum (ETH) $ 1,287.78
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 111.34
litecoin
Litecoin (LTC) $ 77.13
eos
EOS (EOS) $ 0.943298
okb
OKB (OKB) $ 22.25
tezos
Tezos (XTZ) $ 1.03
leo-token
LEO Token (LEO) $ 4.04
cardano
Cardano (ADA) $ 0.320296
monero
Monero (XMR) $ 147.56
stellar
Stellar (XLM) $ 0.088405
chainlink
Chainlink (LINK) $ 7.49
huobi-token
Huobi (HT) $ 6.82
tron
TRON (TRX) $ 0.054229
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 46.18
neo
NEO (NEO) $ 6.97
iota
IOTA (MIOTA) $ 0.216014
nem
NEM (XEM) $ 0.033624
zcash
Zcash (ZEC) $ 46.32
maker
Maker (MKR) $ 643.66
paxos-standard
Pax Dollar (USDP) $ 0.997836
ethereum-classic
Ethereum Classic (ETC) $ 19.78
vechain
VeChain (VET) $ 0.019511
true-usd
TrueUSD (TUSD) $ 1.00
kucoin-shares
KuCoin (KCS) $ 6.57
waves
Waves (WAVES) $ 2.41