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Ripple's XRP is one of the altcoins who performs strongly today as we start the week. Altcoin's performance was mixed today with some showing strong performance above 10% and others depreciating.
Today XRP costs prices in a Marubozu candle. A Marubozu candle is a candle with a long body and small or null wicks that show a strong movement in one direction. The XRP has risen from around $ 0.5 to $ 0.525 until today, but with a strong momentum to buy, it is likely that the price will change quickly.
Before this pump, XRP had a lower price around $ 0.49. If the increase we are seeing today can bring a price higher than $ 0.55, it will create a higher maximum leading to a very bullish market structure.
The hourly chart shows a huge wave of prices that takes place over a number of hours in XRP. There does not seem to be a clear news catalyst for price increases. There has been a steady increase in the space of two hours and FOMO could have led to a huge influx of traders looking to buy XRP.
Key Takeaways:
- The XRP rises today without a clear catalyst.
- The daily candle for XRP is forming a Marubozu which shows a strong upward impulse.
- An increase above $ 0.55 would result in a higher maximum and would form a very bullish market structure.
| NOTE: Investing or negotiating digital assets, such as those present here, is extremely speculative and involves considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as advice for purchase, sale or storage and should not be taken as approval or recommendation of a particular asset. |
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