XRP traders should watch out for these levels in the coming week

ripple cryptocurrency coins black screen background 1 scaled

XRP traders have a lot of cheer about with regard to its latest price action. The alt registered a near 20% jump yesterday and reclaimed the $1-mark for the first time in 10 weeks. Will this jump act as a much needed catalyst for XRP to reclaim its May highs?

Only time will tell but the long-term outlook was certainly favorable. At the time of writing, XRP traded at $1.01, up by 12.8% over the last 24 hours.

XRP Daily Chart

Source: XRP/USD, TradingView

There were a lot of other bullish developments on XRP’s daily chart but first, let’s talk about its down-channel. The bearish pattern, which extended post XRP’s 62% decline in mid-May, was finally toppled after yesterday’s jump. Importantly, XRP also managed to successfully close above its 200-SMA (green)- an event that often functions as a buy signal.

Reasoning

EMA Ribbons also marked a crucial milestone. The moving average lines, which had limited upside for XRP since June, noted a crossover after nearly 11 weeks. This indicated the onset of a bullish trend and more upside in the coming days. The DMI’s +DI line remained above the -DI and suggested that uptrend XRP’s was under no threat of losing steam. However, the RSI did trade in the overbought region- an area which usually triggers a sell-off. However, such a correction was healthy over the longer run.

Conclusion

There were plenty buy signals present for XRP after its price closed above the 200-SMA and its EMA Ribbons. The indicators also traded in bullish positions and additional hikes can be expected in the coming week. Pullbacks can be countered between $0.80-93, but a decline below $0.80 could sound warning bells in the market.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 37,906.16
ethereum
Ethereum (ETH) $ 2,050.39
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 230.26
xrp
XRP (XRP) $ 0.611556
solana
Solana (SOL) $ 58.28
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,048.65
cardano
Cardano (ADA) $ 0.386338
dogecoin
Dogecoin (DOGE) $ 0.081040
tron
TRON (TRX) $ 0.103206
the-open-network
Toncoin (TON) $ 2.43
chainlink
Chainlink (LINK) $ 14.58
avalanche-2
Avalanche (AVAX) $ 20.92
matic-network
Polygon (MATIC) $ 0.750054
polkadot
Polkadot (DOT) $ 5.30
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,792.13
dai
Dai (DAI) $ 0.998863
litecoin
Litecoin (LTC) $ 69.92
shiba-inu
Shiba Inu (SHIB) $ 0.000008
uniswap
Uniswap (UNI) $ 6.24
bitcoin-cash
Bitcoin Cash (BCH) $ 223.50
leo-token
LEO Token (LEO) $ 3.91
okb
OKB (OKB) $ 56.55
stellar
Stellar (XLM) $ 0.118632
true-usd
TrueUSD (TUSD) $ 0.999646
monero
Monero (XMR) $ 167.57
kaspa
Kaspa (KAS) $ 0.133589
cosmos
Cosmos Hub (ATOM) $ 9.29
ethereum-classic
Ethereum Classic (ETC) $ 18.88
crypto-com-chain
Cronos (CRO) $ 0.092827
filecoin
Filecoin (FIL) $ 4.54
lido-dao
Lido DAO (LDO) $ 2.34
internet-computer
Internet Computer (ICP) $ 4.62
hedera-hashgraph
Hedera (HBAR) $ 0.061246
aptos
Aptos (APT) $ 7.05
near
NEAR Protocol (NEAR) $ 1.83
thorchain
THORChain (RUNE) $ 6.04
binance-usd
BUSD (BUSD) $ 1.00
immutable-x
Immutable (IMX) $ 1.34
mantle
Mantle (MNT) $ 0.533121
vechain
VeChain (VET) $ 0.021665
optimism
Optimism (OP) $ 1.72
quant-network
Quant (QNT) $ 99.94
aave
Aave (AAVE) $ 97.14
bittensor
Bittensor (TAO) $ 245.63
injective-protocol
Injective (INJ) $ 16.58
the-graph
The Graph (GRT) $ 0.148417
maker
Maker (MKR) $ 1,488.27
arbitrum
Arbitrum (ARB) $ 1.02