As a seasoned researcher with years of experience in the cryptocurrency market, I have seen my fair share of ups and downs. After analyzing XRP‘s recent performance and considering key technical indicators, I believe there is potential for a bullish momentum this week.
XRP seems to have found support around 50 cents. Can buyers push the price higher this week?
Key Support levels: $0.50
Key Resistance levels: $0.54, $0.68
1. Price Finds Support
Following a significant drop the previous week, it seems that bulls are making a comeback. On Monday, XRP opened with a positive trend and is eager to continue its uptrend. So long as the crucial support at 50 cents remains intact, buyers have a strong possibility of resuming their offensive.
2. Sellers are Retreating
By early October, there was a significant increase in selling activity, but currently, the market’s mood is becoming more positive, potentially leading to a reversal where the bulls regain control. If this happens, investors might look to push XRP back over 60 cents. Yet, it’s important to keep in mind that sellers could reappear again, similar to late September.
3. MACD Momentum Shifting
Following a challenging beginning to the current month, there are initial indications that the daily MACD might be shifting direction, as evidenced by a rising histogram forming lower highs. Should this pattern persist, it’s possible that buyers could regain control of the price dynamics, potentially causing XRP to surge beyond its previous high points once more.
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2024-10-07 13:29