Ripple’s on-chain indicator shows potential for a rally!
Ripple price is trading above an ascending trend line (drawn by connecting multiple lows since the beginning of July) and has been consolidating above its daily support level of $0.544 for the past week. This daily level is a crucial support zone because it closely coincides with the 200-day exponential moving average (EMA) at $0.552. As of Monday, XRP is trading around $0.588.
If the 200-day EMA and the daily support around $0.544 manage to hold, XRP could continue its uptrend and retest its daily resistance level at $0.626.
