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The price of XRP has climbed 7% in the past 24 hours, making the technical outlook for the coin bullish. Over the past week, XRP price had not performed very well, but with the recent price surge, it has made up for its weekly loss.

Currently, XRP has only lost 2% of its market value in the past week.

Despite most altcoins faltering under the bearish influence, XRP managed to show positive sentiments on its daily chart. Buyers appeared to have gained confidence in the asset.

The technical outlook has also turned to bullish signals at the time of writing. After registering selling strength over the past few weeks, XRP is now trading with increased buying strength.

Bitcoin price movement is still weighing on XRP price movement.

At the current price level, XRP is still trading 89% below its all-time high of $3.40. The global cryptocurrency market capitalization today is $1 trillion, with a 0.1% negative change in the last 24 hours.

XRP Price Analysis: One-Day Chart

XRP Price
XRP was priced at $0.35 on the 1-day chart | Source: XRPUSD on TradingView

The altcoin was trading at $0.35 at the time of writing. Tight resistance awaits XRP at $0.38, as the altcoin has been struggling at this price level for a considerably longer period.

Once XRP surges above the aforementioned resistance, the altcoin might have a chance to revisit the $0.44 level. On the other hand, the support for the coin stood at $0.33.

Right now, the price of XRP is trading quite close to this level. The amount of XRP traded in the last trading session has decreased, which could be a sign that the number of buyers may have decreased at the time of writing.

Technical analysis

XRP Price
XRP showed positive buying strength on the 1-day chart | Source: XRPUSD on TradingView

At the time of writing, bulls appear to have helped XRP push prices higher. Technical indicators also indicated that buying strength helped the rally in the altcoin.

The Relative Strength Index was above the half line, meaning the buyers took over the price action in the market.

On the RSI, however, there was a small dip, which could mean that the number of existing buyers has decreased.

The price of XRP also crossed the 20-SMA line, which demonstrated that demand for the coin existed and buyers were driving the price momentum in the market.

XRP Price
XRP recorded buy signal on the 1-day chart | Source: XRPUSD on TradingView

Buyers acted on the buy signal displayed by XRP on the daily chart as seen on its indicator.

The Moving Average Convergence Divergence underwent a bullish crossover and depicted green signal bars, which were buy signals for XRP.

The MACD displays the price momentum and direction of the asset. Stochastic RSI also reads market momentum. The indicator was seen above its middle line, which meant that the asset was trending higher.

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