In the last 24 hours, XRP experienced a slide, plummeting from an intra-day high of $0.5041 to a low of $0.4886. Significantly, this level seems to have acted as a robust support. However, the next significant level to watch is around $0.4750 if the bearish momentum extends and breaks this support.
This level has previously acted as a strong pillar and could lure in buyers eager to capitalize on lower prices. If the market dips below $0.4750, eyes will turn towards the next support level at $0.4600. This level could play a pivotal role in determining XRP’s future trajectory.
Top analytic firm Messari shows #XRP Adjusted Volume has increased by 112.57% in the last four days.
Bullish on XRP longterm!
— Zach Humphries (@Z_Humphries) September 2, 2023
Bullish Indicators Amid Market Flux
While XRP’s market capitalization dwindled by 1.44% to $26.5 billion, its 24-hour trading volume dropped 22.27% to around $903 million. Interestingly, despite these dips, XRP’s adjusted volume has surged by 112.57% over the last four days.
This uptick suggests a lurking enthusiasm among potential investors despite the prevailing bearish climate. Consequently, this could signify that investors simply wait on the sidelines, ready to inject fresh capital into the XRP market.
Moreover, technical indicators are starting to paint a more optimistic picture. The Moving Average Convergence Divergence (MACD) has shifted above the signal line with a reading of -0.0291. Additionally, the histogram shows green bars, indicating increased buying pressure.
Likewise, the stochastic RSI trend hovers at 34.92, just above the oversold threshold. Hence, if it crosses below 30, a possible reversal of the current bearish momentum may be evidenced.
The Next Crucial Resistance Points
If the bulls regain control and push past the $0.5041 resistance, the following targets to keep an eye on are $0.5489 and $0.5893. These levels could serve as crucial turning points for investors looking to capitalize on a potential upward swing.
Although XRP is navigating through a rough patch, a combination of substantial adjusted volume and promising technical indicators suggests the possibility of a bullish reversal.