XRP price bounced back from the support at $0.60 earlier this week but is still doddering in the woods and held back by rising selling pressure at $0.65.
The cross-border money remittance token is down a mere 0.3% to $0.6348 on Friday toward the end of the Asian session, with slightly over $1 billion in trading volume and $33.5 billion in market capitalization.
XRP alongside its peers Bitcoin and Ethereum are trading flat a day after the release of the United States Consumer Price Index (CPI) data, which saw a modest increase synonymous with the market watchers’ expectations.
According to the report, the CPI numbers for July ticked up 0.2% while the Core CPI which leaves out food and energy rose 0.2%.
Bitcoin price was down 0.5% to $29,374 while Ethereum hovers at $1,844. Analysts and investors can’t seem to wrap their heads around why crypto prices won’t move, with some calling for a market-changing event such as the approval of a spot Bitcoin exchange-traded fund.
As long as the SuperTrend trails the XRP price, the path with the least resistance will remain to the upside and allow bulls to prepare for the battle at $0.65, a confluence resistance formed by the 50-day Exponential Moving Average (EMA) (red) and the 100-day EMA (blue).
Another buy signal from the Moving Average Convergence Divergence (MACD) further validates the improving market structure. As the MACD line in blue moves above the signal line in red, demand for XRP is bound to increase, subsequently building enough momentum to rally.
A sustained uptrend above $0.65 and consequently the descending trendline would mark the beginning of a $1-bound rally to $0.85 and $1.