Is This The Time for XRP to Show Its Bullish Moves?

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • XRP is gradually reviving its positive momentum in the market with the help of an overall bullish wave. 
  • However, the XRP/BTC is still having a decline of 0.05% bringing the current level to 0.00002305 BTC. 

XRP is currently fighting with its resistance level of $0.255 with the CMP at $0.254. The market capitalization is at $11,512,699,474 with the 24-hour volume traded of $2,158,561,533.

Source: Coinmarketcap

The weekly chart reflects on the significant positive move made by XRP from the starting of this month. The crypto asset had a positive bump from the price level of $0.232 to the multi-resistance level of $0.258. It faced reversals from the resistance level and the price corrected itself to the level of $ 0.24. It is now taking gradual positive momentum and retesting the resistance level repeatedly. 

Technical Levels Supporting The Bulls

Source: Tradingview

The technical chart highlights the significant downtrend faced by XRP from the starting of September which is followed by little price recovery action from this month. Currently, the price levels broke above 0.382fib level which is a positive sign for the cryptoasset. Also, we can notice there has been an expansion in the area of BB which avoids XRP price levels from getting consolidated. However, there a strong resistance placed at 0.5fib level. 

RSI and CCI levels are having positive momentum after a sharp negative divergence and nearly avoided the oversold region. The current levels are 61.71 and 126.55 respectively and are giving positive signs further ahead. 

Where XRP can be headed? 

The bullish momentum on Friday’s session looks strong for the overall market and for XRP specifically. It is expected that XRP can reclaim $0.26 following the positive move. On the downside, it is having the support level of $0.234. 

RESISTANCE LEVEL: $0.258

SUPPORT LEVEL: $0.234 

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