XRP (XRP/USDT) Extends Gains Beyond $3.000
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XRP Long-term Analysis: Bullish
XRP against the Tether has exhibited bullish momentum in recent weeks, reflecting a continuous uptrend. This suggests the pair has been following consistent price growth and the formation of higher highs as the market remains bullish.
Recently on the weekly timeframe, XRP/USDT has seen recovery above the $2.8728 level after a previous short-term dip at the beginning of the year. However, the indicators on the chart suggest that the price may extend further to the North as the Guppy Multiple Moving Averages (GMMAs) and the Stochastic RSI show positive signs. To this end, traders must trade cautiously as XRP/USDT leans towards the overbought region.
Currently, XRP/USDT trades at $3.0685 with over 800 million weekly trades and a positive gain of 3.71%.
Technical Indicators
Major Resistance Levels: $3.3700, $4.000, and $4.5000
Major Support Levels: $2.8728, $2.4654, and $2.0210
XRP Technical Analysis
The analysis of XRP against the Tether on a weekly timeframe suggests the pair may experience a continued bullish trajectory towards $3.3700 soon, as indicated by the trading volume and the increasing buying momentum.
The GMMAs also indicate the pair’s bullish form may extend farther North as the two sets of Exponential Moving Averages (EMAs) diverge upward.
On the other hand, the Stochastic RSI indicates the pair nears the overbought region, suggesting potential pullback in the near term. However, if buying momentum persists, the coin would see more gains, provided the price holds above the $3.000 level.
XRP/USDT Analysis: Can XRP Maintain the Uptrend?
On the daily timeframe, pair reflects a strong bullish sentiment as the price continues to trend upward. This is supported by the rising volume and upward-spreading GMMAs.
However, despite a 3.71% gain, the Stochastic oscillator suggests a short-term retracement. To this end, the pair will remain bullish and well-positioned to break above $3.3700 as confirmed by the GMMAs. Conversely, this condition is subjected to price actions around $2.9300, as the Stochastic RSI points downward.
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