XRP has been increasing in price for the last two days showing a significant sign of it being bullish. The bears might take control over the price if it falls below $0.3350 and push it towards $0.3250 while the bulls need to sustain above $0.3400 to continue pushing the price up.
At the time of writing, the XRP price is trading at the $0.3435 level. On the upside, the altcoin will test the Major Resistance Levels at $0.3534 and $0.3580. In an extended bullish A cross of the 50-day EMA through the 100-day EMA would support a run at $0.37
if the bulls fail to remain above the initial support at $0.3307 XRP/USDT could further plunge to the $0.2990 level.
XRP wavy trend analysis
The RSI is at 47.58 and is heading towards the overbought zone which shows that the bulls are in control. The bulls seem to be in control as of now but a sustainable move above $0.3400 is needed for the upward momentum to continue. The bears will try to take control over the price if it falls below $0.3350.
The MACD shows that the bullish momentum is slowly fading away as the MACD line is close to crossing over the signal line.
The Bollinger bands are nipping towards each other to show a bullish trend in the market as of now.
Lately, XRP has been facing ups and downs in its market trend, but as we can observe in the 4-hour timeframe it has found some stability above $0.3350. The rises and falls are due to the general market trend as all the major altcoins are highly correlated with Bitcoin.
The XRP price has been under pressure lately as it fell below the $0.30 support level. However, the bulls are currently attempting to push the price back up and they might succeed in doing so if they can clear the $0.34 resistance level.
Generally, XRP is facing a bullish trend in its market but it is highly correlated with Bitcoin, so any major movement in Bitcoin will have a direct impact on the XRP price. As of now, the bulls are in control but they need to sustain above $0.3400 for the upward momentum to continue. The bears will try to take control over the price if it falls below $0.3350.
Was this writing helpful?
Read More:XRP Price Analysis: This is How XRP Will Hit $0.37 in Coming Days