Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The H4 and 1-day structures were both bullish.
- The buying pressure behind XRP remained subdued despite the recent price gains.
Bitcoin [BTC] climbed past $30k and the ETF buzz saw crypto markets take a bullish turn. XRP sailed past a zone of resistance at the $0.5 mark. From 15 June, the USDT (Tether) Dominance has fallen from 8.5% to stand at 7.34% at the time of writing.
How much are 1, 10, or 100 XRP worth today?
This signaled capital flow from stablecoins into crypto assets and was a sign of buying pressure across the market. It remains to be seen if the buyers can sustain this pressure. The evidence at hand showed further gains were likely for XRP.
XRP bulls hopeful of another move toward the $0.56 local high
Source: XRP/USDT on TradingView
The H4 price chart of XRP showed an asset with strong bullish momentum, reflected on the RSI with a value of 63. However, the OBV did not make much progress. It was at the same level it had been on 19 June, even though the prices breached the $0.5 resistance.
Stretching back to early June the $0.5 zone highlighted in cyan has been significant. It has served as both support and resistance and was likely to be tested as support in the coming hours. If the bulls can defend this area and drive prices higher, XRP buyers can look to enter a trade. To the north, the $0.539 and $0.565 levels can be used to take profits.
The H4 market structure shifted bullish over the past week as XRP managed to beat the recent lower high at $0.485. The daily timeframe also showed that bullishness was intact, supporting the idea that XRP traders can expect gains.
The Open Interest crept higher but speculators remained sidelined despite prices moving above $0.5
Source: Coinalyze
The funding rate was positive and reflected bullish sentiment in the market. Yet the trend of the Open Interest chart was not strongly in favor of the buyers. It hardly moved higher as XRP bulls pushed prices past $0.5.
Realistic or not, here’s XRP’s market cap in BTC’s terms
This suggested a possible lack of bullish conviction. Rising prices alongside OI would be a strong sign of bullish sentiment, which was not the case at the time of writing. Combined with the price action, the inference was that further gains were possible provided the bulls can defend the $0.5 support.