XRP Revisits $0.47 – What Can Be Expected For Short-Term Price Movement?
XRP has shown recent gains on its price chart, allowing the altcoin
to surpass a significant resistance level. Although the 1% increase
over the past 24 hours may not be substantial, it has helped
maintain bullish momentum. However, on a weekly chart, XRP has
experienced minimal movement. Despite this, the technical outlook
for the coin indicates bullish strength in the market. Buying
strength has risen, and both demand and accumulation have turned
positive, contributing to this technical outlook. The performance
of XRP on its chart may be influenced by the movement of Bitcoin.
Related Reading: Bullish Case For Litecoin Grows Stronger As LTC
Halving Draws Close If Bitcoin continues to appreciate and reaches
the $27,000 range, XRP may attempt to break through its immediate
resistance. With buying strength recovering and demand potentially
supporting the bulls, their position in the market could
strengthen. However, if the price remains stagnant at its current
level, demand might start to decline, causing the bulls to lose
momentum. The increase in the altcoin’s market capitalization over
the past 24 hours suggests that buyers have gained control over
sellers. XRP Price Analysis: One-Day Chart At the time of writing,
XRP was trading at $0.47. In recent trading sessions, the altcoin
successfully surpassed the resistance level of $0.45. Sustaining
this positive momentum, the next resistance level for XRP is
expected to be at $0.48. If this level is cleared, it could fuel a
rally towards the $0.50 mark. However, if the price retreats from
its current level, it may invite bearish pressure, potentially
causing the price to settle around $0.43. Notably, the volume of
XRP traded in the last session was relatively high, indicating a
lower selling strength in the market. Technical Analysis During the
recent trading sessions, the altcoin not only made progress in its
price movement but also saw a notable recovery in buying strength.
The Relative Strength Index (RSI) being above the half-line
suggests that buyers have taken control of the price action in the
market. Additionally, XRP moved above the 20-Simple Moving Average
(SMA) line, indicating that buyers were driving the price momentum.
This shift in momentum was supported by an increased demand for XRP
in the market. In line with other technical indicators, the altcoin
has started to exhibit buy signals on the chart. The Moving Average
Convergence Divergence (MACD), a tool used to assess price momentum
and potential reversals, displayed green histograms associated with
buy signals. This suggests that there is a possibility of the
altcoin attempting to break through its overhead resistance level.
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Here’s What The Roadmap Says Furthermore, the Bollinger Bands,
which indicate price volatility and fluctuations, remained parallel
and wide. This indicates that the XRP price action is not expected
to be constricted or range-bound. The upper band of the Bollinger
Bands intersected at $0.48, highlighting this level as an important
resistance level or price ceiling for the altcoin to overcome.
-Featured Image From iStock, Charts From TradingView.com
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