Is XRP Bullish Again After 40% Daily Rally?

2021-1-8 23:57

After a significant drop, the XRP price initiated a considerable bounce on Jan. 7, so far increasing by 40%.

However, XRP has yet to reclaim the previous breakdown level at $0.475, and the trend cannot be considered bullish until it does so.

XRP Finally Bounces

XRP has been decreasing rapidly since Dec. 22, when it initially broke down from the $0.475 resistance area. It continued its descent the next day and eventually reached a low of $0.173 on Dec. 29.

However, it has been gradually moving upwards since and began a significant bounce on Jan. 7. So far, the price has increased by 40% on the day. The increase was preceded by considerable bullish divergence in the RSI and an increase in the MACD.

Currently, XRP is trading right at the 0.382 Fib retracement of the entire downward movement at $0.358. The next resistance areas are at $0.416 and $0.475, respectively, the latter being both the previous breakdown area and the 0.618 Fib retracement level.

Therefore, if XRP gets there, it’s likely to face significant resistance.

Chart By TradingView

Cryptocurrency trader @altcoinsherpa outlined an XRP chart, stating that despite being at resistance, the coin could continue running a little more towards $0.45.

While it could rally towards this level, it’s likely to face significant resistance at $0.47, which was the breakdown level that initiated the drop as outlined previously.

Therefore, until it reclaims this level, it’s still possible that the trend is bearish, and this is a retracement. Furthermore, the long-term count outlined in the previous article has XRP eventually falling below $0.10

Source: Twitter Short-Term Movement

The shorter-term six-hour chart shows signs of weakness, in the form of a significant hidden bearish divergence in the RSI.

Since hidden divergences are often determinants of the direction of the trend, it’s possible that today’s bounce is just a retracement and that the trend is still bearish.

Chart By TradingView

The two-hour chart shows that the short-term movement has become parabolic. Also, XRP is following an ascending support line, which coincides with the minor $0.25 support area.

If it were to lose this area, it would confirm the bearish trend.

XRP Chart By TradingView Conclusion

To conclude, despite the significant rally that took place on Jan. 7, XRP has not yet confirmed a bullish trend.

Until the price successfully reclaims the breakdown level at $0.475, these increases may be retracements in response to the prior downward movement.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here!

Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.

The post Is XRP Bullish Again After 40% Daily Rally? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ripple (XRP) на Currencies.ru

$ 1.1031 (-2.88%)
Объем 24H $6.602b
Изменеия 24h: -1.49 %, 7d: 56.55 %
Cегодня L: $1.0851 - H: $1.1536
Капитализация $62.799b Rank 6
Цена в час новости $ 0.3304 (233.87%)

xrp bullish does until considered cannot finally

Источник: beincrypto.com

xrp bullish → Результатов: 126


Here’s Why This Wall Street Expert Believes XRP Is Very Bullish

XRP achieves yet another milestone with its recent approval of derivative contracts particularly designed for institutional investors on the San Francisco-based cryptocurrency exchange Coinbase. XRP Milestone Could Spark A Bullish Run Due to XRP’s recent milestone, Wall Street expert Linda Jones believes that the token is very bullish following the increase in interest from institutional investors toward the XRP market.

2023-10-21 21:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

XRP Price Prediction: Bullish Breakout In the Works

The XRP price is expected to break out from the current triangle pattern after consolidating for a short period of time. It's unclear if it will be able to reclaim the long-term $0. 60 resistance area after.

XRP Price Eyes $0.60 But the Bottom Is Likely Not In

Over the last week, the XRP price charted a 15% uptick from the $0.45 level and is now oscillating near the $0.53 mark. The post XRP Price Eyes $0.60 But the Bottom Is Likely Not In appeared first on BeInCrypto.

XRP Whales Continue Accumulating as Sentiment Turns Positive

XRP has managed to outperform every cryptocurrency in the top 100 coins by market cap gaining over 67% in the last week alone, but what’s behind these bullish waves? The post XRP Whales Continue Accumulating as Sentiment Turns Positive appeared first on BeInCrypto.