XRP (XRP/USDT) Displays a Strong Breakout Momentum
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XRP Long-term Analysis: Bullish
The market for XRP against Tether has shown a strong bullish move, confirming growing buyers’ confidence. However, the price recently broke above multiple consolidation zones, closing above $3.4800 as a sign of strong momentum returns. As it stands, the increase in volume suggests renewed interest in buying.
However, the recent breakout candle is large and bullish, supported by rising moving averages, which confirms trend strength. Currently, this setup shows the pair is displaying strong potential for continued upward movement if it holds above key support levels.
To this end, XRP trades at $3.4878 with more than 360 million traded volumes for the week.
Technical Indicators
Major Resistance Levels: $3.6500, $3.8800, and $4.2000
Major Support Levels: $3.0000, $2.6400, and $2.3000
XRP Technical Analysis
The market for XRP against Tether on a weekly timeframe appears to be aiming upward, receiving more strength after the previous breakout. Also, the pair has broken above rising Guppy Multiple Moving Averages as the price and GMMA align in the same direction.
The MACD beneath the chart also signals a continued uptrend with the lines making a bullish crossover. However, as XRP prepares to launch into the $4.00 level, caution is needed, as a minor pullback may trigger a large move in any direction.
XRP/USDT Analysis: What’s Next?
On the daily chart, XRP/USDT appears to be retracing back to a higher low after a prolonged period of bullish setup. Though the GMMA and the MACD suggest further upside actions, the current price movement signals a pullback as short positions become visible at the moment.
The pair opened around $3.500, now closing at $3.4886 with falling momentum. However, if the $3.4329 fails to act as a strong support in the meantime, the pair price may decline further, as volume decreases by 1.72%, showing a fall in daily market participation.
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