Ripple is currently struggling to continue its uptrend. Over the last four days, the altcoin tried flipping the $0.62 resistance but recorded brief success.
The first attempt happened on the last day of October. It opened trading at $0.57 but enjoyed a significant increase in buying volume. As a result, it broke the highlighted resistance and peaked at $0.62 but soon retraced to a low of $0.60. In the end, it registered gains of almost 4%.
During the next intraday session, it edged closer to the barrier but did not test. However, this changed during the previous intraday session. The altcoin went from $0.60 and tested the highlighted resistance. As with the previous trial, it had brief success and edged closer to $0.63 but dropped as it faced serious corrections.
Current trading conditions are not as pleasant as they were. Due to this XRP is yet to experience any significant push. The charts offer some insight into the reason for this situation.
OBV Hints at Fragile Stay Above $0.60
The on-balance volume indicator shows the distinction between large investors and retailers. One key feature of this metric is that it provides and insight into buying and selling behavior that may not have an immediate impact on prices.
A look at the OBV shows that recent price moves were in sync with trading volume at the time. Currently, the metric is maintaining a particular trendline. This may mean that ripple may continue above $0.60 for some time. However, the Relative Strength Index hints that the stay may come to an end soon.
The indicator is above 70. At the time of writing, it is 74 and showing signs of dropping as selling pressure mounts.
If conditions do not improve, XRP may lose the $0.60 support in the next 24 hours. Once that mark fails, the altcoin may try to rebound at $0.55 but may fail as its not one of the strongest barriers to bank on.
