Ripple (XRP/USDT) Rally Up for More Upside Gains Amid Growing Market Caution
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Ripple Long-term Analysis: Bullish
The general market for Ripple and the Tether appears to be bullish, with the price scaling above the upper boundary of the Bollinger bands. For the past two weeks, the pair has been trending upward with strong interest from the bullish traders despite overbought conditions signaled by the indicators.
However, with the overbought signal from the Stochastic oscillator, the pair may witness a pullback as the $1.5000 may serve as a significant hurdle in the near term.
Currently, XRP/USDT is trading at $1.4475 with a 973.18 million traded volume, representing a 0.88% gain above the previous session.
Technical Indicator
Major Resistance Levels: $1.5000, $1.6000, and $1.7000
Major Support Levels: $0.9156, $0.75000, and $0.6735
Ripple Technical Analysis
The analysis of Ripple against Tether shows the pair is currently trading above the upper band at $1.213, indicating strong bullish momentum but in an overbought condition. This suggests that with the positioning of the price and the Bollinger bands, the price might see a little upside improvement in the short term before retracing to the $1.213 level.
Additionally, the Stochastic RSI at the bottom of the chart indicates strong bullish momentum but suggests the pair is overbought, with lines reading at 100 and 80.27, respectively. This shows the price may be due for a correction to the South. Therefore, traders need to monitor the price movement and the behavior of the line as a caution.
XRP/USDT Analysis: What is Next?
The analysis of XRP/USDT shows the pair has been experiencing an uptrend, as seen in the formation of higher highs, and an occasional consolidation phase. However, recent price action suggests the price is ranging with signs of breaking above the upper band at $1.6688 for the psychological $1.7000 level if the current bullishness does not subside.
On the contrary, the Stochastic RSI suggests the pair is neither overbought nor oversold, but with the lines pointing downwards, the oscillator indicates the pair may experience a dip soon. To this end, bullish traders may need to confirm a bullish line crossover as the ripple seeks to cool off before further uptrend.
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