Cryptocurrency XRP managed today to separate itself from the current downward trend. Typically, altcoins react to bitcoin price movements. BTC has fallen 2.7% in the last 24 hours and is trading below that $41,000 price level. On the other hand, the XRP token is up more than 5% in the last 24 hours. Meanwhile, XPR's trading volume of $2.53 billion in 24 hours is also up 51%. The price surge has put the coin on the list of leaders of the day.
In addition to the favorable news background, the rebound can be explained by technical factors: On April 11, XRP fell to a low of $0.68 amid a general market decline, and indicators were very close to this year's low. A technical rebound would have been expected, but a rebound that is too sharp is usually not a good sign.
Indicator signals on the daily chart remain bearish, but there is a tendency to change the local trend:
MACD - the histogram is below the reversal level but is showing increasingly lower lows, the linear MACD is directed to the signal line both indicators hint at a possible trend change.
RSI - it fell to a low of 33 on April 11 and since then it has been in an uptrend and is nearing the 50 level.
Volume - Volumes have risen a bit in the last few days.
For now, however, it's just a technical bounce in an ongoing global downtrend. Unless the fixation above $1.00 level takes place, then any trend reversal is out of the question.