XRP (XRP/USDT) Hopes to Settle at Current Level for a Potential Breakout or Reversal
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
XRP Long-term Analysis: Consolidating
The market for XRP against Tether appears to be in a period of consolidation after an impressive rally. The price action suggests the pair awaits a decisive move, as the current sentiment is somewhat neutral.
Recently, the pair’s price actions indicate uncertainty in the immediate future as the pair operates at a critical juncture. However, a shift in the indicators on the chart would suggest a potential movement in the near term, either upside or downside.
Currently, XRP trades at $3.2045 with more than 304 million traded volumes for the week.
Technical Indicators
Major Resistance Levels: $3.2500, $3.3342, and $3.5000
Major Support Levels: $3.1041, $2.8694, and $2.7315
XRP Technical Analysis
The analysis of the XRP against Tether on the weekly timeframe appears to be operating at a critical juncture as the price operates under $3.2500. The Guppy Multiple Moving Averages (GMMA) confirm this mixed sentiment as the lines of the indicator flatten out.
On the other hand, the Stochastic RSI seems to be finding it difficult to close above the 60-mark level, suggesting a possible drop in momentum as the lines appear bent to the south.
To this end, bullish momentum needs to be increasing with the momentum oscillator pushing into the overbought region for a potential break above $3.3342, provided the current level is sustained. Conversely, if the momentum fails to hold at the current level and the price starts falling below $3.1042, it could indicate the start of a bearish reversal in the near term.
XRP/USDT Analysis: Consolidating for Potential Directional Movement
The XRP/USDT pair of the daily timeframe in recent times has shown strong upside momentum, breaking above crucial resistance levels. However, the pair seems to be encountering consolidation as price action indicates a cool-off, evidenced in the short-term EMAs of the GMMA and the lines of the Stochastic RSI.
Also, though the traded volumes in this timeframe show a positive sign, the indicator seems to be increasing at a decreasing rate, suggesting a pause in the bullish action.
To this end, if momentum resumes its upward trend, a potential break above $3.2100 would indicate a move in the upward direction; otherwise, a continued decrease in bullish momentum would lead to a break below $3.1041.
You can purchase crypto coins here. Buy LBlock
