2023-10-25 08:10:00
The XRP price tested the support formed by the 50-month EMA, but was able to stay higher and even correct. Let’s see if Ripple has the potential for further growth
The exchange rate is XRP over the week it grew by 11% and is now at $0.54. In the next few days, the cryptocurrency may rise significantly in price. But sooner or later she will face another powerful resistance. It is important to understand where exactly it is.
The daily chart confirms the bullish trend
On the daily chart, the exponential moving averages (EMA) are regarding to form a golden crossover. It will confirm the bullish trend in the short and medium term.
In addition, the MACD histogram has been rising for several days, and the MACD lines are also crossing. The RSI index is moving into the overbought zone, but is not yet giving any bearish signals.
The XRP rate may rise even higher. This is because the next significant resistance is only at $0.627. It is formed by the Fibonacci retracement level.
It is followed by $0.75, which also coincides with the Fibonacci retracement level. Once XRP breaks higher, it will complete the correction.
Ripple (XRP) dynamics, daily chart. Source: TradingView
A golden cross appears on the 4-hour chart
The 4H chart also shows signs of a bullish trend: the EMAs have formed a golden crossover, the MACD histogram is moving up, and the MACD lines are crossing.
The RSI index is in the strongly overbought area. This means that XRP might face resistance at the 0.382 Fibonacci retracement of the $0.627 area.
Ripple (XRP) dynamics, 4-hour chart. Source: TradingView
The weekly picture remains uncertain
On the weekly chart, the MACD histogram has been rising since last week, but is still in the bearish zone. The RSI index has settled in neutral territory and is showing neither bullish nor bearish signs.
In a bearish scenario, XRP will find significant support as it approaches $0.43.
The Ripple rate managed to consolidate above the 50-month EMA near $0.5. This is an important bullish signal for XRP.
Ripple (XRP) dynamics, weekly chart. Source: TradingView
For a full start to a new bullish trend, the price of Ripple must overcome the “golden cross” level at around $1.32. To do this, she needs to grow more than twice.
Against BTC, the price of XRP will also soon reach the support formed by the “golden cross” at around 0.0000145 BTC. A bullish rebound is possible in this area.
Additionally, on the monthly chart, the MACD lines are crossing in a bullish direction. The MACD histogram, on the other hand, has been moving downwards for three months now, and the RSI is not giving any bullish or bearish signals.
Earlier, the editors of BeInCrypto interviewed experts and found out how much XRP would cost for the New Year.
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