<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<a href="https://u.today/xrp-on-verge-of-crazy-price-pump-if-john-bollingers-bands-are-right-0" rel="noopener noreferrer nofollow">XRP</a> has been gaining some momentum in the recent past. However, things turned out worse than expected as the asset started struggling at approximately $0.46, which is a direct sign of dwindling selling pressure.&nbsp;
The XRP daily chart reveals a number of important indicators that shed light on the current state of the market. At the 50 EMA, or roughly $0.46, <a href="https://u.today/xrp-faces-issues-before-05-shiba-inu-shib-000002-reversal-arc-begins-solana-sol-might-face-mini" rel="noopener noreferrer nofollow">XRP</a> is encountering resistance at its current trading level of $0.44. A short-to-medium term bearish trend is indicated by the price's proximity to both the 200 and 100 exponential moving averages.&nbsp; <img alt="XRPUSDT" data-entity-type="file" data-entity-uuid="82cdf35b-006f-48b9-a8d2-ec0ca5a466f7" src="https://u.today/sites/default/files/inline-images/image_983.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">XRP/USDT Chart by TradingView</a>
There are indications of a possible recovery in spite of this. The volume has increased significantly — by 80% — indicating that there is more interest and activity on the market. In particular, if the price can break above it and maintain the 50 EMA level, this volume spike may be a precursor to a reversal.&nbsp;
In addition, the current Relative Strength Index (RSI) is nearing the oversold area at 43. This means that the selling pressure may have subsided and that buyers may soon enter the market. A push toward the $0.50 mark may be possible if <a href="https://u.today/xrp-price-prediction-for-july-10" rel="noopener noreferrer nofollow">XRP</a> can hold onto its current support levels and overcome the $0.46 resistance.&nbsp;
The mood of the market as a whole is another important consideration. The price action of XRP may be favorably impacted by the stabilization and possible upward movement of major cryptocurrencies like Bitcoin.
Given that XRP typically follows the overall trend of the market, a positive outlook for the market may aid XRP in reaching its next resistance levels.

XRP to Hit $0.5 Amid 80% Volume Surge? Crucial Price Move

U.Today

Other articles published on Jul 11, 2024

Best Meme Coin Airdrops This Month : Don't Miss Out!

Binance Sheds Over 60% Stake from Gopax as South Korea Navigates New Crypto Laws

Bitcoin's (BTC) Scary Drop Might Be 'Weeks Away,' This Signal Says

The dYdX Foundation’s 2024 Semi-Annual Ecosystem Report Highlights Incredible Progress & Communit...

Best Performing New Crypto Projects for July 2024

How GoMining is revolutionizing Bitcoin mining through NFTs

Join our free newsletter for daily crypto updates!