XRP (XRP/USDT) Resumes Rally Despite Overbought Condition
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XRP Long-term Analysis: Bullish
In the past weeks, XRP has experienced a significant surge in price, supported by bullish market sentiment. This is evident in the sharp upside price movement, supported by increased traders’ interest, as seen in the volume.
However, for a continued uptrend, the price must hold above $2.4036; otherwise, a break below this level could jeopardize the ongoing rally as the indicators signal a pullback due to overbought conditions.
Currently, XRP against USDT is trading at $2.5069 with over 700 million traded volumes.
Technical Indicators
Major Resistance Levels: $2.5800, $3.000, and $3.500
Major Support Levels: $2.4036, $2.1801, and $1.8744
XRP Technical Analysis
The analysis of XRP against the Tether shows that the pair is about to resume an uptrend after a recent pause at $2.4470. However, on the one hand, the Guppy Multiple Moving Averages (GMMAs) signal a strong bullish continuation with the divergence of the short and long EMAs, which shows increasing buying pressure. On the other hand, the Stochastic RSI reads extreme values over the 90-mark level. From one angle, this could represent increasing traders’ interest, but from another, it could be taken as a sign of impending pullback.
Therefore, XRP must close above the nearest support to break above $2.5800 or the psychological $3.000 level; otherwise, a dip below $2.000 would indicate a change in direction.
XRP/USDT Analysis: A Continued Uptrend or Range-Bound Activities?
The daily chart for XRP/USDT shows that the pair is consolidating near the $2.5069 level while forming a sideways pattern. However, the market sentiment remains bullish as seen in the positioning of the GMMAs despite a pause between the $2.4470 and $2.5200 range. To this end, the price needs to break above $2.5200 for a continued uptrend toward $3.000; otherwise, the range-bound activities might continue.
On the other hand, the Stochastic oscillator suggests XRP is positioned for a possible bullish rebound provided buyers re-enter the market. Therefore, to maintain the uptrend, XRP needs to hold support above $2.4000 while targeting $2.5200, as a drop below $2.3800 could open the door for further correction.
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