XRP rebounds from the bottom of its consolidation and records a performance of 50%. Let's look at the future prospects for its course.
XRP status
After reaching a high of $0.93 in July 2023, XRP began a long consolidation phase in a range roughly between $0.75 and $0.43. Recent fluctuations show that the cryptocurrency has tested the lower bound of this range, reaching a low point at $0.38. This level triggered a rebound to break through notable resistance at $0.57, and XRP thus marked a new high at $0.66. Subsequently, the cryptocurrency entered a new phase of consolidation in the medium term, still in the form of a range. Recently, XRP touched the support at $0.50, reinforced by a significant value zone, before taking advantage of the market momentum and appreciating by over 50%. XRP thus crossed its annual VWAP, its resistance, and reached the top of its long-term consolidation at $0.75.
At the time of writing, the price of XRP is trading around $0.71. XRP thus generated slight selling interest as it approached this resistance level. Now, the medium-term trend appears to have officially turned bullish, as demonstrated by the Dow Theory. As for the 50 and 200 day moving averages, they are not yet really trending upward, but the fact that they have crossed positively is a reassuring sign. Concerning the dynamics of XRP, it has, unsurprisingly, been revised upwards, as evidenced by its price and its oscillators.
XRP/USD price chart dailyThe current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.
XRP price forecast
- If the price of XRP remains above $0.50, we could consider a crossing of $0.75. The next resistance to watch, if the bullish movement continues, would be around $0.85. Beyond that, we note the $0.93 zone, followed by the psychological threshold of $1. At this point, that would represent an increase of more than 40%.
- If XRP fails to hold above $0.50, a return towards $0.43 could be on the cards. The next support to consider, in case the bearish movement continues, would be around $0.40, or even $0.38. Further down, we note support at $0.35, which would then represent a drop of around 50%.
Conclusion
XRP is showing promising signs of recovery after a period of consolidation. Although the indicators are generally favorable, caution remains in order in the face of the resistance still present. Thus, it will therefore be essential to carefully monitor the price reaction at key levels to validate or revise current forecasts. Finally, let us remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can also evolve quickly depending on other more fundamental factors.
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Family Trading
Family Trading is a Community of own-account traders active since 2017 offering Lives, educational content and mutual assistance around the financial markets including that of cryptocurrencies with Elie FT, a passionate investor and trader on the crypto market.
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