Cryptocurrency analyst Cryptoes sheds light on the current status of Ripple’s XRP, emphasizing its position above the 61.8% Fibonacci level while facing challenges in breaking higher. The analysis, complemented by altFINS, provides valuable insights into the potential trade setup and the overall trend for XRP.
What you'll learn 👉
Cryptoes’ Assessment
Cryptoes notes XRP’s resilience above the 61.8% Fibonacci level, showcasing a delicate balance between the yellow resistance and blue support levels. With anticipation building for the next significant move, the crypto community awaits developments in XRP’s price action.
altFINS contributes a detailed technical analysis, identifying a bullish breakout from an ascending triangle pattern and above the 200-day moving average. The subsequent spike to $0.73, although overbought (RSI > 85%), experienced a pullback to around $0.55—a crucial support level aligning with the 200-day MA.
Trade Setup and Entry Opportunity
The pullback near the $0.55 support and the 200-day MA presents a potential entry point for a swing trade within the ongoing uptrend. altFINS suggests an upside potential to $0.92, referencing the peak from July’s previous run-up. Traders are advised to set price alerts to stay informed about critical developments.
Source: altFINS – Start using it today
The short-term trend for XRP is deemed neutral, while the medium- and long-term basis suggests an ongoing uptrend. Momentum indicators present a mixed scenario—MACD Line below MACD Signal Line (Bearish), RSI around 50 (Neutral), and rising MACD Histogram bars, hinting at potential upcoming momentum shifts.
altFINS outlines crucial support and resistance zones. The nearest support zones are identified at $0.55 (previous resistance) and $0.45, offering key levels to monitor. Meanwhile, the nearest resistance zones lie at $0.68, followed by the target of $0.92, representing the peak from the notable run-up in July.
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As Ripple XRP navigates these critical levels, the technical analysis provides a comprehensive outlook for traders and enthusiasts alike, combining Cryptoes’ observations with altFINS’ strategic insights.
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