XRP May Rally Over 10% Upon Breaching Two Critical Levels
2023年4月29日 - 7:00AM
NEWSBTC
Recently, XRP has been facing significant rejection at its overhead
resistance level, including a rejection that occurred just a week
ago. On the daily chart, XRP has shown a slight upward movement of
3%. However, over the past week, this altcoin has not made much
progress as its price has decreased by 0.4%. This indicates that
the XRP price is indecisive over longer time frames. The technical
outlook for XRP suggests that the market is bearish. There is a low
demand for the altcoin, and accumulation remained less too.
However, if XRP manages to move above its overhead resistance, this
could trigger a recovery. Related Reading: How Soon Will Litecoin
Breach This Psychological Resistance Level? Currently, the BTC
price is hovering below the $30,000 mark, and most altcoins have
followed a similar trend. If BTC breaks through the $30,000 mark,
XRP could attempt to move upwards. At its current level, the
altcoin is at a crucial point, as an increase in demand could cause
a rally, while a decrease in price could result in a loss of up to
16% of its value. Furthermore, the market capitalization of XRP has
decreased, indicating an increase in the number of sellers. XRP
Price Analysis: One-Day Chart The altcoin was trading for $0.47 at
the time of writing. It is trading underneath its overhead
resistance of $0.48. The aforementioned resistance mark is crucial
as it has served as a price ceiling previously. A break above the
$0,.48 mark can push XRP to $0.50, which might act as another
ceiling before the altcoin targets $0.53. A move to $0.53 means
over a 10% rally. On the flip side, a fall from the current price
level will drag XRP to $0.44 and then to $0.40, thereby bringing
bearish influence back. The amount of altcoin traded in the last
session was red, indicating a fall in demand. Technical Analysis
Since the altcoin dropped below the $0.50 level, demand for the
altcoin has failed to recover. The Relative Strength Index (RSI)
indicates that selling strength outweighs buying strength, as the
RSI is below the half-line. Additionally, the altcoin remains below
the 20-Simple Moving Average (SMA) line, which signifies that
sellers have control and are driving the price momentum in the
market. However, if demand for XRP increases slightly, it could
push the coin above the 20-SMA line. This would signal a return of
bullish strength on the chart. In line with other indicators, the
altcoin is displaying sell signals. The Moving Average Convergence
Divergence (MACD), which indicates price momentum, has formed red
histograms, signalling to sell. Related Reading: Ethereum Shark
& Whale Addresses Up 5.7% Over Past Year: Santiment
Furthermore, the Bollinger Bands, which portray price volatility
and fluctuation, have opened up. This suggests that the coin may
experience significant price fluctuations over the next few trading
sessions. Featured Image From UnSplash, Charts From TradingView.com
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