XRP Price May Soon Gain Momentum, But an Interim Retest May Provide a Good Entry Point
The post XRP Price May Soon Gain Momentum, But an Interim Retest May Provide a Good Entry Point appeared first on Coinpedia Fintech News
The Ripple price has been extremely bullish since the beginning of the monthly trade. Meanwhile, the bears attempted very hard to drag the price lower but the bulls appear to be poised to maintain a significant upswing later. After breaking the descending pattern, the XRP price is flashing huge possibilities of igniting a notable upswing in the next 24 to 48 hours.
XRP Price Analysis
- After ranging above the descending pattern, the XRP price maintains above the lower trend line, indicating a bullish revival.
- However, the price is currently trading at lower support and attempting to recover from these levels.
- With a rebound, the price may eventually reach interim highs near $0.5, but it may face a significant rejection back toward lower support.
- This could be a good entry point for market participants, as a significant rebound could push the price above $0.51 in the coming weeks.
XRP Technical Analysis
Technical Indicators
| Indicators | Value (STF /HTF) | Action (STF/HTF) |
| Relative Strength Index(RSI) | 39.49/ 44.46 | Sell / Sell |
| MACD | -0.004 / 0.004 | Sell / Buy |
| Average Directional Index(ADX) | 23.42 / 34.64 | Sell / Sell |
| Ultimate Oscillator | 40.28 / 52.26 | Sell / Buy |
| Bull-Bear Power | -0.0125 / -0.0297 | Sell / Sell |
Pivot Levels
| Pivot Levels | Short Term | Long Term |
| 50-Day Moving Average(MA) | $0.4641 | $0.4392 |
| 200-Day Moving Average(MA) | $0.4536 | $0.4312 |
| Resistance | $0.4574 | $0.4674 |
| Support | $0.4444 | $0.4436 |
The technical indicators point toward a short-term pullback that could be imminent as the RSI is slightly bearish. Meanwhile, the selling pressure has been mounted due to which MACD is notably bearish. However, in the long term, the XRP price continues to remain bullish and hence a notable upswing may rise the asset beyond the long term in HTF at $0.4674 by the end of October 2022.
