The other technical indicators like the MACD and Fib levels are moving slowly to the bullish level but there is strong resistance at $0.2480. A surge above this support level will take the token to $0.2500 but we will be unable to confirm that the bulls have taken control of the market until it gets to the $0.2550 level.
A key bullish trend line has appeared on the $0.2470 level. Since the XRP token has moved passed $0.2400 and $0.2450 levels acted as resistance earlier today, there is a strong chance that it might move higher near-term if it can move above the 100 hourly simple moving average.
The two things that could happen to XRP in the next few trading sessions are as follows: XRP will move above the resistance at $0.2470 and find its way to the $0.2700 level. This would happen if Bitcoin gains momentum and carries the entire market along. On the other hand, the XRP token might fall below the support at $0.2400 and find its way to the $0.3850 level. In the next few days of trading, we will know what direction the XRP token will take.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple XRP is Still Hovering Above the $0.24 Level But There is a Strong Chance That it Will Recover
- A Rise Above the $0.2550 Level Will Lead to Higher Highs Near-term
- There is Strong Resistance in the $0.2700 Level Near-term
XRP has been bearish against the USD over the last few weeks and there is a strong chance that the bears will maintain control of the market in the foreseeable future. The good news is that over the last few days, the XRP token has held the line above the all-important support at the $0.22 level. This morning, the token started gaining bullish momentum above the $0.2450 level.
While XRP Price analysts believed that this bullish momentum will push the token as high as $0.255, this didn’t happen. Instead, the token started correcting lower against the USD. The resistance at $0.2500 is strong and a surge above this level will take the token above the 100 hourly moving average.
At the time of writing, the price of the XRP token was $0.245254. This shows that it is down by 0.03% against the USD and down by 2.92% against Bitcoin BTC. The trading volume over a 24 hour period was $1,881,764,722 and the market capitalization was $11,046,804,579.
The token fell below the $0.2470 support earlier today and is now trending near the $0.2440 support. If XRP falls below this level, there is a strong chance that it will move as low as $0.2380 near-term. The good news is that the relative strength index is moving toward the 50 levels according to the XRP price analysis on NewsBtc.
