XRP has notably established the limits of its support area, presenting a bullish takeover on the 1-hour time frame (1H TF).
The Relative Strength Index (RSI), a key indicator of market momentum, is currently oscillating around neutral values, suggesting a state of equilibrium between buying and selling pressures. The analysis was shared by Solldy on Tradingview.
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XRP – Technical Indicators
The momentum indicators for XRP are painting a mixed picture in the short-term. The MACD line remains above the signal line in bullish territory, but the histogram bars are declining showing fading upside momentum. The RSI is hovering around 50 which is considered neutral territory, as reported by Solldy and altFINS.
Overall, the momentum is tilting bearish as the MACD histogram declines and RSI fails to push into overbought levels. The weakening upside momentum suggests bullish strength is waning for XRP in the near-term. However, the MACD line still above the signal line shows not all momentum has been lost yet.
Traders will want to watch if the MACD line crosses below the signal for confirmation of a momentum shift to the downside. The RSI near 50 leaves the door open for a bearish move if sellers can push momentum lower. While mixed for now, the momentum outlook is risking a turn for the worse unless buyers step in soon.
Given the prevailing market conditions and technical indicators, there is a prevailing belief among crypto experts that XRP is poised for a rebound once it consolidates its stance above the current area. This potential upward movement shouyld be closely watched, as it could signify a pivotal moment in XRP’s trajectory.
What Will Ripple Do On September 29th?
Fundamentally, Ripple is set to host a major September 29th celebration in New York City following its recent legal victory against the SEC lawsuit alleging XRP was an unregistered security.
The high-profile event fuels speculation about Ripple initiatives that could impact XRP. Rumors point to a potential IPO allowing Ripple to access public markets, or a settlement ending the SEC case that has weighed on XRP for years.
An IPO would boost Ripple’s legitimacy and unlock fresh capital for expanding use cases to drive XRP demand. Meanwhile, settling the lawsuit removes regulatory uncertainty that has stunted XRP adoption.
While mere rumors for now, both events could be momentous catalysts if announced. The anticipation has the XRP army excited. Any bombshell revelations or partnerships emerging from the party could spark major upside price action.
Between improving technicals and a rising fundamental backdrop, the stars appear aligned for an XRP breakout, even though some technical indicators are not promising, as described above.. The New York bash represents a prime opportunity for Ripple to seize the narrative. Expect fireworks, both at the party and potentially in XRP’s price, as developments unfold.
The anticipation surrounding Ripple’s upcoming event is palpable, and it’s speculated that it could be a breeding ground for positive collaborations and partnerships. The forging of synergistic alliances during the party is not just a mere possibility but a strategic opportunity that could significantly influence the value of XRP.
If key players in the blockchain and financial sectors come together to form collaborative ventures with Ripple, it could potentially trigger a surge in the price of XRP. Such partnerships can enhance the credibility, utility, and overall market perception of XRP, creating a conducive environment for its value to thrive and reach new heights in the cryptocurrency market.
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