XRP (XRP/USDT) Bulls Eye Rebound as Price Holds Above Critical Support
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XRP Long-term Analysis: Ranging
XRP against the Tether has been drawing market attention as it enters a consolidation phase after a sharp upside movement above the $2.0000 level in the recent trading sessions. However, after weeks of strong bullish momentum, the pair appears to be trading above the $2.000 level with a little margin, showing signs of consolidation as market situations warrant caution.
To this end, the recent price action shows the XRP is cooling off from its highs near $2.2000, with the current weekly candles signaling lower volatility and reduced volume. However, despite this, the pair’s bullish structure is yet to be invalidated.
Currently, XRP trades at $2.0931, recording over 132 million traded volumes for the week.
Technical Indicators
Major Resistance Levels: $2.2000, $2.4000, and $2.8000
Major Support Levels: $1.9500, $1.7800, and $1.5200
XRP Technical Analysis
The analysis of the XRP against the tether on the weekly chart shows the pair still maintains its bullish structure, as the Guppy Multiple Moving Averages (GMMAs) display the set of EMAs are compressing, but the short-period EMAs still hold above the long-period EMAs.
Adding to the setup, the Stochastic RSI shows the pair is oversold with the blue line operating under the 10-mark level, suggesting recent bearish movement may be nearing exhaustion.
To this end, a well-established bullish crossover could signal the pair is poised for a renewed push to the north; otherwise, a break below $1.9500 would push the price toward $1.7800.
XRP/USDT Analysis: What’s Next?
On the daily timeframe, XRP/USDT has recorded over 32 million traded volumes with no current spike, indicating ongoing struggles between the bulls and bears. However, the pair seems to have bounced off support near the $2.0877 level and is attempting to reclaim upward momentum.
From another angle, the Stochastic oscillator signals an overbought condition as the lines read values greater than 80, suggesting the pair might experience a pullback unless momentum is strengthened. To this end, XRP/USDT must hold above $2.0877 for a move above $2.1266 to materialize. Conversely, the overbought condition might cause the value of the coin to fall before another northbound journey.
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