Thursday, September 23, 2021
HomeNewsThe signs are on's XRP rally

The signs are on’s XRP rally


Ripple XRP Chart (daily)

2/2 – It has been in recovery mode since mid-July. After a short sideways phase at the end of July / beginning of August, the cryptocurrency for cross-border payments made the spurt over the smoothing of the last 50 days (currently at $ 0.65823), which has brightened the chart’s prospects. It is currently starting a new breakout attempt, but this time it is not a resistance line that is important for the short-term trend and has now become a support, but one that defines the overarching trend. Specifically, this is the 200-day line (currently at $ 0.88596).

A sustained spurt above the high of August 8 at $ 0.84 and the relevant smoothing line at $ 0.88 would provide additional tailwind in this context, because then the latest XRP price development could be interpreted as a bottom formation.

A look at the technical indicators is currently useful for investors. Since the MACD is stably trading above its zero line, XRP investors can expect an upward phase. At the same time, the RSI, which likes to act as an early warning signal, is still well below the overbought areas, which gives the XRP some leeway on the upside before a deeper correction moves onto the agenda.

So the chances of success are there.

If the break is successful, the psychologically important mark of $ 1.00 defines a first milestone. In perspective, a successful lower reversal even warrants a run on the horizontal resistance at $ 1.25.

In order not to frivolously gamble away the promising starting position, the Ripple XRP should avoid sliding below the 50-day line at $ 0.65.

A notice: This article does not constitute investment advice or a solicitation to buy or sell any asset. Nor does it purport to predict the development of the XRP price. It is only a subsequent comment on Ripple XRP developments, which is intended to inform XRP investors about the latest crypto news and the technical starting point.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


Please enter your comment!
Please enter your name here

Trending News

Recent Comments