XRP / TetherUSLong
XRP May Pullback Briefly Before Entering Next Leg Up
XRP managed to surpass a medium-term upward price channel that had formed over the past few weeks. Additionally, the altcoin maintained its position above this range at the current moment, indicating the possibility of a significant upward move for XRP within the next 24-48 hours.
This optimistic scenario could be confirmed if the cryptocurrency closes today's daily candle above $0.68. If this happens, XRP might garner enough buying support to break the $0.7595 threshold, potentially reaching as high as $0.8570 over the next few days.
On the daily chart, technical indicators suggested that XRP's price was approaching a peak. Currently, the daily Moving Average Convergence Divergence (MACD) line was diverging above the MACD Signal line, which could be a sign of continued bullish momentum for XRP in the next 24-48 hours.
However, it's crucial for investors and traders to keep an eye on the MACD Histogram, as its slope was leveling off. This might serve as a warning that the altcoin's trend could experience a brief bearish reversal.
Further reinforcing this bearish outlook, the daily Relative Strength Index (RSI) showed the RSI line nearing the RSI Simple Moving Average (SMA) line. If these two lines cross, it could indicate a weakening of the buyers' position against bears, potentially leading to a price pullback for XRP in the next 24-48 hours. Consequently, this could result in XRP declining to $0.6235.
This optimistic scenario could be confirmed if the cryptocurrency closes today's daily candle above $0.68. If this happens, XRP might garner enough buying support to break the $0.7595 threshold, potentially reaching as high as $0.8570 over the next few days.
On the daily chart, technical indicators suggested that XRP's price was approaching a peak. Currently, the daily Moving Average Convergence Divergence (MACD) line was diverging above the MACD Signal line, which could be a sign of continued bullish momentum for XRP in the next 24-48 hours.
However, it's crucial for investors and traders to keep an eye on the MACD Histogram, as its slope was leveling off. This might serve as a warning that the altcoin's trend could experience a brief bearish reversal.
Further reinforcing this bearish outlook, the daily Relative Strength Index (RSI) showed the RSI line nearing the RSI Simple Moving Average (SMA) line. If these two lines cross, it could indicate a weakening of the buyers' position against bears, potentially leading to a price pullback for XRP in the next 24-48 hours. Consequently, this could result in XRP declining to $0.6235.
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