XRP’s technical outlook has shown promising signs lately, although recent price action has been somewhat indecisive. The cryptocurrency closed with mixed signals on both the daily and weekly charts. As highlighted by analyst CRYPTOWZRD, the overall chart remains positive, suggesting a possible rally toward the $0.6500 resistance level. If XRP manages to hold above this key level, it could signal further bullish momentum.
Recent analysis of XRP’s price action reveals that it has been consolidating within a range. After breaking above a significant descending trendline in mid-July, the price exhibited a strong breakout. Since then, XRP has been consolidating between $0.47 and $0.65, indicating some market indecision. However, this consolidation does not negate the bullish trend established by the previous breakout.
On the daily chart, XRP’s price has been testing the $0.65 resistance level. A sustained move above this level is crucial. It could trigger a more substantial rally, potentially pushing the price towards the next resistance at $0.73. If XRP fails to break through $0.65, it may face a retracement. In such a scenario, key support levels to watch include $0.47 and $0.42.
Analysts: Will XRP Break Multi-Year Resistance or Face Pullback?Intraday movements have shown some choppiness recently. Despite this, the upside pressure remains intact. This suggests that while the market has been slow, the underlying bullish sentiment continues. The current focus is on intraday chart development. If regular liquidity returns in the upcoming week, a further bullish outcome is expected.
Examining the broader market context, XRP’s movement is likely influenced by both XRPBTC and Bitcoin. XRPBTC needs to surpass 0.0000980 BTC to potentially spark the next rally. Additionally, XRP’s daily trading volume has been substantial, with a recent figure of $895 million. This high volume supports the likelihood of a significant price move.
As at press time, XRP is trading at $0.579, reflecting a 2.45% increase in the past 24 hours. The 1-week Relative Strength Index (RSI) stands at 53.39, suggesting that XRP is neither overbought nor oversold at this moment. Additionally, the 1-week Moving Average Convergence Divergence (MACD) is trading above its signal line, indicating a potential short-term bullish momentum.
