XRP (XRP/USDT) Eyes Further Potential Price Recovery
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: Bullish
The market analysis for XRP against the Tether showcases a notable recovery trajectory. This is characterized by a consistent uptrend after a prolonged consolidation phase.
Over recent weeks, XRP’s price has surged, breaking significant resistance levels and forming a bullish structure. However, recent price movement above the Guppy Multiple Moving Averages (GMMAs) shows that the pair is poised for further price recovery towards the psychological $3.000 level. To this end, XRP/USDT may continue its bullish stride provided market participants increase.
Currently, XRP trades at $2.4307 with a moderate 300.3 million traded volume.
Technical Indicators
Major Resistance Levels: $2.4690, $2.5860, and $3.000
Major Support Levels: 2.0866, $1.8517, and 1.2750
XRP Technical Analysis
The analysis of XRP against the Tether shows that the pair is currently in a recovery phase. This is supported by a strong signal from the GMMAs, as seen in the price positioning with the upward divergence of the sets of EMAs. Though this confirmed a strong uptrend, maintaining the $2.0866 support level is crucial to attaining $3.000.
On the other hand, the Stochastic RSI suggests an impending upside movement in the near term as the lines prepare for a bullish crossover. To this end, the pair may experience a minor dip if the line drops below the 50-mark level. However, traders should watch out for price actions around $2.4690 for a confirmed uptrend; otherwise, a drop below $2.0866 would signal a weak buying interest.
XRP/USDT Analysis: Where from Here?
On the daily timeframe, XRP/USDT seems to be consolidating, suggesting a pause in the bullish action. The positioning and upward divergence of the GMMAs indicate sustained bullish pressure.
However, the Stochastic oscillator at the bottom of the chart signals a potential sign of a recovery as the lines draw nearer to a bullish crossover.
To this end, the market needs more bullish participants, as increased volume could cause the XRP price to break above $2.4690 and possibly reach $2.5860 soon. Conversely, the oscillator’s overbought condition will likely make $2.3267 a re-entry point for a major upside move.
You can purchase crypto coins here. Buy Block
