XRP 10% Rally Strengthens Case For $0.55 Breakout
24 Outubro 2023 - 8:00AM
NEWSBTC
XRP is currently experiencing strong short-term bullish
momentum and market sentiment. However, the cryptocurrency faces a
formidable hurdle at the $0.55 resistance level, a barrier that has
thwarted multiple attempts at a substantial recovery over the past
couple of months. The question on everyone’s mind: can XRP overcome
this crucial obstacle? In recent months, the XRP price has
exhibited a sideways trend, primarily oscillating between the
horizontal levels of $0.55 and $0.458. While the daily chart
reveals significant price fluctuations, traders have struggled to
make any substantial progress in either direction, reflecting a
market plagued by indecisiveness. Source: Coingecko As of the most
recent data, XRP’s price on CoinGecko stands at $0.5396, reflecting
a 3.1% rally in the past 24 hours and nearly 10% surge over the
last seven days. These gains have stoked anticipation among
investors, but the $0.55 resistance continues to cast a shadow.
Related Reading: The Dogecoin Advance: A Double-Digit Boost In The
Cards? XRP Bullish Indicators XRP traders have established a
trading range spanning from $0.47 to $0.54, with the $0.51 midpoint
proving to be a pivotal level. This price point has functioned as
both support and resistance on multiple occasions, enhancing the
range’s credibility. Investors keenly watch for any movements
within this range as a potential signal for XRP’s next course of
action. XRP seven-day price action. Source: Coingecko A glimmer of
hope for XRP supporters comes from several bullish indicators. The
Relative Strength Index (RSI) has climbed above the neutral 50
threshold, indicating that bullish momentum is gathering strength.
The Directional Movement Index (DMI) echoes this sentiment,
signaling a significant uptrend in progress as the Average
Directional Index (ADX) surges past the 20 mark. In the futures
market, XRP’s spot Cumulative Volume Delta (CVD) saw a downtrend
from Oct. 20-22, even as prices shot higher. While this may have
been worrisome for the bulls, the CVD has exhibited a rebound in
recent hours. Simultaneously, the Open Interest and the price have
trended higher, underscoring a robust bullish sentiment in the near
term. Related Reading: Can Solana Sustain Its Recent Rally? What
Traders Should Know XRP market cap currently at $28.769 billion.
Chart: TradingView.com A Glimpse Into The Future The critical
question that XRP investors must grapple with is whether the
cryptocurrency can successfully breach the $0.55 resistance. A
breakthrough at this level would serve as a solid foundation for
extending the current rally. Nonetheless, caution is advised as
traders should seek a daily candle close above this level before
committing funds. In the event of a successful breakout, XRP could
potentially target the $0.60 level, offering the possibility of a
16% gain. As XRP navigates the precarious waters of resistance and
support, market participants remain on edge, eagerly anticipating
the next chapter in this cryptocurrency’s journey. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
Featured image from Medium
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