XRP Bulls Take Charge, Will Price Reach $0.65?
The post XRP Bulls Take Charge, Will Price Reach $0.65? appeared first on Coinpedia Fintech News
Despite the price consolidating within a tight range at a support level, it seems that XRP bulls are back in the market as its trading volume is surging. On October 7, 2024, most major cryptocurrencies experienced a notable price surge, but the price of XRP has remained flat over the past 24 hours.
XRP Current Price Momentum
XRP is currently trading near $0.538 and has seen a modest price increase of 0.75% over the past 24 hours. During the same period, its trading volume has surged by 90%, suggesting strong participation from investors and traders, which is a positive sign for XRP holders.
XRP Technical Analysis and Upcoming Levels
According to technical analysis by experts, XRP looks bullish but has been stuck in a consolidation zone between $0.512 and $0.545 for the past five trading days. Based on recent performance, whenever the price of XRP reaches this level, it tends to experience a 20% rally.
Source: Trading View
However, if XRP breaks out of this consolidation zone and closes a daily candle above the $0.55 level, there is a strong possibility that it will rally by 20% and reach the $0.65 level in the coming days.
This bullish outlook is further supported by XRPâs Relative Strength Index (RSI), which is currently in an oversold territory, signaling a potential bullish price reversal in the coming days. However, it is still trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating a bearish trend.#BecomeCreator $BTC
