XRP News: After facing a tight resistance at $ 1.62, XRP retested the support at $ 1.41 and managed to break above this resistance at the time of this article. The price action has shown an upward trend as it moves above $ 1.60 after the asset, but the general market structure says the opposite is possible at any time.
XRP has a market cap of $ 77 billion at the time of writing, and a 24-hour trading volume of $ 15.8 billion.
12-hour XRP price chart
The 12-hour chart of XRP now shows its position above the resistance at $ 1.62, showing the potential to retest the 2021 high at $ 1,966. However, XRP’s price structure shows a rising wedge pattern. This increases the likelihood of the bearish breakout in the next few days, but considering the bullish momentum remains constant, the price could move towards its next target at $ 2.30.
But with trading volumes declining over the past few days, the chances of a retest of $ 1.41 are likely to be higher. The SSL indicator continues to rise for XRP, indicating a buy signal on this chart, but possible corrections could lead to a change.
The continuous bullish indicators are currently minimal and the MACD is only slightly up at the moment. The bulls don’t have an edge right now, but the Relative Strength Index shows that buying pressure continues. But as the Awesome Oscillator suggests a drop in bullish momentum, the buying pressure may decline.
Currently, the market remains more neutral, although the price is apparently rising in the 12-hour time frame.