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XRP has showcased remarkable resilience in the last 24 hours, staging a bullish rally from an intra-day low of $0.6015. This surge in bullish momentum propelled XRP's price to an intra-day peak of $0.626, where it encountered significant resistance. Despite this, the digital asset maintained its bullish stance, with its price hovering around $0.6081 at press time, marking a modest 0.24% increase from the intra-day low.
XRP/USD 24-hour price chart (source: CoinMarketCap)
The market's growing interest in XRP is further evidenced by the surge in its market capitalization and 24-hour trading volume. The market capitalization saw a 0.24% increase, reaching $33,504,908,465, while the trading volume experienced a significant 59% jump to $2,090,481,720. These figures highlight the heightened activity and investor interest surrounding XRP in the current market dynamics.
The recent movements in XRP's price are backed by intriguing on-chain metrics and market developments. Notably, the altcoin observed a 70% reduction in transaction volume and a 36% decrease in active addresses between April 1 and 8.
These changes signal a potential shift in trader interest and on-chain activity, which are critical factors for investors to monitor.
From a technical standpoint, XRP's price action has been noteworthy. After reaching a low of $0.5623 on April 4, the price initiated an uptrend, successfully breaching the psychologically significant $0.60 level. The presence of green bars above the neutral line on the Awesome Oscillator and a Relative Strength Index (RSI) reading of 62.83 underscore the growing bullish momentum.
XRP/USD 4-hour price chart (source: TradingView)
Concurrently, XRP's immediate target is the high of $0.6265 achieved on Monday. Resistance levels at $0.65 and the year-to-date peak of $0.7440 are crucial markers for the altcoin's potential upward trajectory. Conversely, a drop below the $0.60 threshold could lead to a retracement to the $0.5944 level, marked by the 50% Fibonacci retracement of the recent price climb.
External factors, such as Ripple's announcement of a USD-backed stablecoin and the ongoing speculation regarding ETF approvals, continue to shape market sentiments around XRP. The stablecoin initiative, in particular, has sparked optimism among XRP holders and crypto enthusiasts, potentially contributing to the altcoin's recent price movements.
On the XRPUSD 24-hour price chart, the Money Flow Index (MFI) rating of 54.21 and upward arrows indicate that buyers are gaining strength, and the positive trend may continue in the short term. However, traders should exercise caution as the price approaches a significant resistance level around $0.62, which may result in a retracement in the near future. If the MFI maintains above 50 and continues to trend upward, it might signal more positive activity for XRP.
XRP/USD 24-hour price chart (source: Tradingview)
However, with the Chaikin Money Flow (CMF) going south with a rating of -0.03, some selling pressure may be building, leading to a fall in the price of XRP. This trend suggests that while there is bullish momentum in the short term, there may be a possibility of a pullback or correction soon.
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