XRP price – XRP price Projection: Are XRP Bulls Taking A Leap of Faith? | Fintech Zoom

XRP price – XRP price Projection: Are XRP Bulls Taking A Leap of Faith?

  • XRP just had a breakout from the cup with handle pattern and is now placed above all the major moving averages of 20,50,100 and 200-Day
  • The pair of XRP/BTC is trading near its 52-week low, However, it jumped over +11.15% in an intraday CMP 0.00001073 BTC 
Source:tradingview

XRP price just broke out from the cup with a handle pattern, but the indicators are not supporting it. The pattern’s breakout is with lesser volume, which indicates fewer buyers and sellers’ participation. The breakout can be called a fake breakout due to the volume action marked below-average on the chart. Currently, XRP coin successfully trades above all the major moving averages of 20,50,100 and 200-Day. However, it is now reaching near the resistance zone of $0.68 to $0.77. Likewise, the support on lower levels is situated at $0.49 and $0.42. 

Source:tradingview

XRP price over the weekly chart is formed by a rounding bottom pattern. The coin is in bullish momentum and now reaching towards the short-term resistance zone of $0.64 – $0.68, support on lower levels is situated at $0.54 and $0.49. However, the volume over the daily time frame is very less, and it can lead to a negative retracement in upcoming trading sessions. Currently, XRP is trading at the price level of $0.62 with an intraday gain of +5.27%, and the volume jumps nearly +33.47% ($6,254,235,506) in the last 24-hours. The market capitalization increased by 5.34% standing at $28,510,711,477. 

Relative Strength Index (BULLISH) indicates bullish momentum while trading at 70.62. However, it is present in the overbought zone after recovering from lower levels, and a short-term retracement is expected. 

Moving Average Convergence Divergence (BULLISH) currently indicates a bullish trend on the daily chart, as it is trading with the significance of the buyer’s signal line (green) over the seller’s line (red). However, both lines are heading closer to each other, and the crossover can generate Bearish momentum in upcoming trading sessions. 

Support levels: $0.49 and $0.42. 

Resistance levels: $0.68 to $0.77

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XRP price – XRP price Projection: Are XRP Bulls Taking A Leap of Faith?

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