Greetings everyone 🖤
let me provide some further technical analysis on current XRP price action and indicators. This analysis is based on the past few months till now :
As mentioned,in the late past few months XRP had been broken out of a multi-week consolidation range between $0.35-$0.40 to now trade around 0.61. This ~50% rally reflects regained bullish momentum and an established higher support level.
Analyzing the daily charts, we can see XRP has found good demand around the 0.55 level on pullbacks. (just after the rally to 0.94 level), High selling pressure made the correction to 0.55 level then another uprise took place.
This indicates traders are actively buying the dips. Additionally, daily trading volumes have picked up significantly with the renewed interest - hitting multi-month high volumes in fact. This shows increased market participation fueling the rally.
Momentum oscillators like the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) have both turned up in bullish trajectories signaling additional steam ahead. The RSI recently cleared overhead resistance indicating bulls are now firmly in near-term control. And the MACD’s signal line also continues trending higher above the MACD histogram dynamic - suggestive of the rally still having legs short term.
With XRP having convincingly broken long-term multi-month downtrend resistance as well, this supports the likelihood of a sustained new higher trading range between $0.55-$0.75 in the coming weeks barring any reversal catalysts.
Given the actively bullish technical picture based on momentum, volumes, oscillators plus higher support established - my prediction would be for XRP to trade in the $0.65 to $0.75 range over the next week. Continued positive adoption news or clarity on Ripple's legal case could provide upside volatility towards $0.80. But I expect 0.55-0.75 to be the likely bounds in the interim.
Caution is needed when buying though as the expectations of the market trend is not stable ⚠️
Note : This article is not an advice to trade in any currency and it is intended for analytical purposes, I am not responsible for your actions but I would be glad if you comment and give me advice in writing these articles
