James Atkins
Editor
Editor
XRP is currently trading at $0.29, up from yesterday’s low of $0.27. On the 4-hour chart, the MACD shows increasing bullish momentum, while the RSI is approaching overbought levels.
If bulls can push XRP above the $0.30 resistance level, it could rise to $0.35, a gain of around 18%. However, if bears take control, XRP could drop back to $0.27.
XRP is currently in a bullish trend, with the potential to rise by 18%. However, if bears take control, it could drop back down to yesterday’s low. Here are some key points:
Ripple’s RP/USD is recovering after a week of being in a bear market. The cryptocurrency had recuperated more than 4% in the previous 24 hours as of publishing.
The reason for the increase in XRP’s value is unclear. However, when you look at the rest of the cryptocurrencies, you’ll notice that most of them are too.
Bitcoin rose by 6.28%, and Ethereum increased by 10% or more. So, was Tuesday’s rise just a breather, or will it continue?
On the 4-hour chart, the XRP/USD had formed a bullish reversal pattern – an inverted head and shoulders.
The cryptocurrency had created three lows around $0.224, $0.21, and $0.208 before bouncing back up. The right shoulder was slightly higher than the left, which is a bullish sign.
The XRP/USD pair had also broken out of the descending channel it was trading in since early September. The move confirmed the bullish reversal pattern.
The cryptocurrency could rise to $0.25, which is the neckline of the pattern. A breakout of this level could see it rise to $0.28, which is the target price. This is a minor resistance level since it had earlier served as support.
Cryptocurrencies are known for their high volatility. They have lately been linked to macro-events, such as monetary policies enacted by central banks. We do not think the current climate is good enough yet.
The recent positive price movements in cryptocurrencies are only a blip on the radar. They don’t indicate that cryptocurrencies are recovering.
In a down market, investors could be seeking short-term opportunities. We feel XRP is one of the cryptocurrencies that may produce short-term profits.
The price of XRP increased after it retested the support at $0.31. The 14-day and 21-day MA have joined the support, suggesting that the price might go up in the short term.
The MACD line crossed above the moving average line, confirming that the trend is going up. We believe that XRP will go up in price in the next few days.
Even though the market is currently bearish, investors should still keep an eye on it. The potential targets are $0.34, an interim resistance, and an established level of $0.38.
XRP is increasing because people seem to be feeling better about the crypto space. The longer trend shows that the market is still bearish, but XRP could continue rising. It will find resistance at $0.34 and $0.38 though.
Investors should be cautious as the market is still highly volatile.
Cryptocurrency prices have been going up in recent weeks. Ripple’s XRP has been doing its best, with its price going up by 18% in the past week. It reached a high of $0.32 on Wednesday.
The positive momentum in the cryptocurrency sector appears to be continuing. Bitcoin, the world’s largest digital currency, is also seeing some improvement, with its value increasing by almost 8% in the past week.
The longer-term trend for XRP is that it is going down. But it has gone down a lot from when it was at its highest. The recent uptick in prices suggests that it might go up again soon.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
