thecryptobasic.com
$XRP bulls have triggered a short-term rebound push above the $1.50 level, with the Directional Moving Index and MACD indicators flipping green.
$XRP appears to have begun another short-term recovery campaign after the previous rally met a roadblock at $1.6562 on Wednesday, Sept. 23, and started pulling back into today.
$XRP Faces Roadblock Amid Rebound Above $1.50
The token continued to correct alongside the rest of the crypto market until it hit a floor of $1.4519 at 10:30 AM UTC today, Sept. 24.
Since then, $XRP has entered a short-term recovery, recording multiple green 30-minute candlesticks and pushing back above $1.50. Data from the chart shows $XRP witnessing eight bullish 30-minute candlestick closes out of a total of nine during the 4-hour period between 10 AM and 2 PM UTC.
The price action eventually faced resistance around the $1.5265 price area, which previously acted as support during the correction on Wednesday. This area gave way after repeated attempts by bears to breach it, resulting in the pullback to $1.45 today.
Now, this $1.5265 level is acting as a roadblock to the recovery effort, as it also aligns with the resistance stationed around the upper trendline of the ascending channel that has formed during the ongoing rebound process.
DMI and MACD Flip Positive
Further data from the 30-minute chart shows that the short-term Directional Moving Index (DMI) and MACD indicators have both flipped positive, confirming that short-term momentum has been predominantly bullish in the last few hours.
Specifically, the +DI has risen from 14.9455 at the start of today to highs around 29.9419 at press time, while the -DI has dropped from 28.0422 to 17.6617 within the same period. As for the ADX, the metric has reset to 23.9, showing that the bullish momentum remains strong in the short term.
The MACD indicator also reflects the price effect of this rebound campaign, with the MACD histogram bars flipping green over the past six 30-minute periods. Currently, the MACD line has risen to 0.0019, with the signal line still sitting at -0.0036 but actively rising.
Meanwhile, after dropping from the $1.5265 high, the $XRP price dropped to retest the lower trendline of the recent ascending channel at $1.4890 and find support. So far, $XRP is now pushing toward attacking the $1.5265 level again. A close above this area could open the door to highs around $1.53.
$XRP Maintains Top 10 Lead as Liquidations Hit Shorts
Despite the recent pullback, $XRP has maintained its lead among the top 10, now sitting as the biggest 7-day gainer on the list. Notably, $XRP’s 15.94% spike in the past week surpasses the 10.04% gain recorded by Bitcoin (BTC) and the 8.68% increase from Ethereum (ETH) within the same period.
Moreover, short traders have started to feel the impact of the recent price rebound. Over the past four hours, the $XRP market has witnessed $3.86 million worth of liquidations, with shorts accounting for $2.27 million or 58.8%. The story is different in the past 24 hours, where longs dominate liquidations.
Meanwhile, accounts and positions across Binance and OKX, two of the largest trading destinations, remain bullish, as their long/short ratios predominantly sit above 2. However, the overall long/short ratio in the $XRP futures market remains at 0.9585, indicating dominance of short positions.