XRP Price At $0.40, Can It Hold Onto Its Bullish Revival?
September 21 2022 - 9:00PM
NEWSBTC
At the time of writing, the XRP price noticed upward movement on
its chart. After the asset consolidated for a few days, it finally
travelled north. Over the last 24 hours, the XRP price registered a
6% appreciation. In the past week, the coin has rallied by over
20%. Buyers were attempting to push the price up, and they finally
succeeded over the last 24 hours. XRP was stuck at the $0.38 price
mark for a considerably long period of time, but buyers rescued the
altcoin despite broader market weakness. Continued pressure from
the buyers could make XRP move past its immediate resistance, which
would make it invalidate its bearish thesis. On the other hand, if
the bulls fail to defend the present price level, then the sellers
will take over. If the sellers take over, then XRP could be pushed
close to the $0.30 price mark. At the current moment, XRP rests in
a crucial support zone. XRP Price Analysis: One Day Chart The
altcoin was trading at $0.40 at the time of writing. The XRP price
had witnessed weeks of consolidation on its chart. Finally, buyers
pushed the price above the next resistance mark. Over the past
week, XRP has broken past many resistance lines. The immediate
price ceiling for the coin rests at $0.44 as the altcoin has had
difficulty moving past that price level for multiple months now. On
the flip side, the closest support to XRP was at $0.38, and a fall
from that level would bring XRP to $0.30. If buyers remain steady,
then XRP could push past $0.42 with a chance of toppling above the
tough resistance of $0.44. The amount of XRP traded in the last
session declined slightly, indicating that the number of buyers
also dropped to a small extent. Technical Analysis Buying strength
recovered considerably over the last week, which slowly helped XRP
travel upwards on its chart. The Relative Strength Index was almost
about to touch the overbought zone but it noted a downtick. Despite
the downtick, buyers have substantially outnumbered sellers in the
market. Usually, an increased number of buyers creates a price
pullback. In the event of that, XRP could rest at $0.38 before it
picks up momentum again. The XRP price was above the 20-SMA line,
which signalled that buyers were driving the price momentum in the
market. Related Reading: Post-Merge Profit-Taking Cuts 13% Off
Ethereum Ratio Against BTC The altcoin seems to be registering an
increased buy signal on the one-day chart. Moving Average
Convergence Divergence depicts the market momentum and the price
action of the altcoin. The MACD underwent a bullish crossover and
formed green signal bars, which were buy signal for the coin. The
increase in the size of the signal bars indicates that XRP will
travel up on its chart. The Parabolic SAR also determines the
overall market direction, and the dotted lines below the price
candlestick signify bullish momentum. Related Reading: XRP Braces
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Featured image from Pixabay, Chart: TradingView.com
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