Ripple XRP Chart (daily)
Investing.com – 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.
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