XRP at Pivotal Point, Looking to Close Above $0.57 For Bullish Continuation

XRP currently trades at a pivotal position as it looks to register a confident close above the $0.57 territory to continue the recently engineered bullish momentum.

This bullish momentum picked up on Oct. 28 after a three-day losing streak that saw XRP drop 2.81% from Oct. 25 to 27. XRP plummeted to $0.5325 amid this drop. However, the asset has increased 7.6% since dropping to the recent low, currently changing hands at $0.5730.

XRP’s current position represents a pivotal point in its price action. Notably, the asset seeks to establish a comfortable close above the $0.57 territory on multiple timeframes to continue its bullish run. A drop below the psychological threshold could pump indecision into the market, leading to significant declines.

XRP’s 1H, 4H and 1D Performances

In the 1-hour timeframe, the bulls and the bears are at equal strength, with the latest candlestick halved almost equally by the $0.5700 horizontal line. Interestingly, this is the first green hourly candle over the past seven hours. Before this, XRP recorded six consecutive losing hourly candles.

The latest green candlestick suggests that the bulls are currently gaining strength, leading to the recent surge above $0.57. Should this strength remain sustained, XRP could gather enough momentum for a bullish close.

A look at the asset’s price movements over a higher timeframe, like the 4-hour chart, indicates that this strength has overshadowed the bearishness witnessed in the last six hours. The 4-hour chart leans more toward a close above $0.57, with the formation of a green candlestick after three consecutive losing ones.

Nonetheless, the daily chart shows some mixed signals. Interestingly, XRP is trading well above the $0.57 level, courtesy of its latest surge to $0.5730. However, the asset is witnessing a losing daily candle. A continuation of the bullish pattern could flip this position and see XRP end today above $0.57, albeit not with a full body close.

XRP: Structural Formation 

Prominent analyst EGRAG also confirmed that XRP is  trading at a crucial juncture. He recently highlighted XRP’s structural formation, analyzing its price movements on various timeframes. According to EGRAG, the structural formation is represented in yellow and sits between $0.5400 and $0.5858.

The analyst emphasized that on the weekly timeframe, XRP recently recorded a bullish weekly close within the structural formation. EGRAG noted that the asset needs to register another weekly close within the structural formation for its bullish momentum to continue.

On the 3-day timeframe, EGRAG’s chart shows that XRP recently witnessed a full-body close within the structural formation. Data further suggests that the asset was on the verge of facing a similar 3-day full-body close within the structure. The daily timeframe shows a similar trend, with seven full-body closures so far.

EGRAG pointed out that XRP has recorded several closes within the structural formation in the 12-hour timeframe. However, he stressed that subsequent closures are crucial for the next two candlesticks. According to him, these closures would result in the formation of a symmetrical triangle.

Notably, XRP is already forming this symmetrical triangle in the 4-hour timeframe. EGRAG highlighted that symmetrical triangles are typically indecisive, with equal chances of a breakup or down. He noted that the formation of this triangle could be pivotal for XRP’s next direction.

Meanwhile, XRP is witnessing an influx of trader interest, with its trade volume spiking by a massive 103%. XRP currently records $1.67 billion in 24-hour volume, per CMC data. In addition, its market cap has soared 3% to $30.6 billion over the last 24 hours.