The correction might have finished on the cryptocurrency market as all coins from the Top 10 list are again in the green zone. Mainly, Cardano (ADA) is the top gainer from the list, rising by almost 15 percent since yesterday.
Even though the market has recovered, its capitalization index has declined by $13 bln and is now at $513 bln.
The relevant data for XRP today:
Market Cap: $25,574,608,905
Volume (24h): $14,722,797,495
Change (24h): 4.85%
The data is relevant at press time.
XRP/USD: How soon may the retest of $0.60 occur?
XRP has shown an enormous price rise in recent days. The third most popular crypto has rocketed by 53% since the beginning of the previous week.
On the 4H time frame, XRP is slowly approaching the resistance of $0.5925. It has high chances of breaking it as bulls are ready to continue the bull run after the false breakout of the zone.
However, traders may expect a consolidation period after that, as the trading volume and the liquidity are not enough to keep the rise going.
On the bigger time frame, XRP is about to trade in the range of $0.56-$0.60 to gain more power to conquer new peaks. Thus, the value of the RSI indicator is already located on the verge of the oversold area, which means that a bull run is unlikely to happen from the current levels.
From the long-term perspective, XRP has not yet reached its peak to switch to the bearish trend. On the weekly chart, the MACD indicator has recently entered the bullish zone, which means that buyers are not going to give up so easily. In this case, the closest resistance at which a deep correction is possible is the $1.09 mark.
XRP is trading at $0.5615 at press time.