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Ripple rose a further 13% against BTC this morning, perhaps provided by late arrivals joining the XRP rally after the comments by xRapid carried out yesterday in a & # 39; Interview with CNBC. The 24-hour XRP trade volumes almost tripled during the initial impulse phase from $ 250 million to $ 705 million, while upward traders crowded to capitalize on the latest news.
In today's trading, however, the scrambled market has already begun to correct from this sudden frenzy, with global market capital falling back below $ 200 billion for the fourth time this month.
Is it only a temporary correction when the bulls get ready for a second run, or is this recent support just a pump and a discharge from the back of the CNBC news? Let's have a look.
The Story So Far
Immerse yourself in the XRP / BTC chart above the 4 hour candles, we can see that XRP has traveled inside a long wedge model that it falls for most of this year and has particularly closely followed the downward resistance in the last 3.5 months.
After finding the fund at 4,050 Sats, XRP started to travel sideways when the bulls finally started to return to the resource. The weather could not have been better for Ripple, given that this week's news, including the National Commercial Bank of Saudi Arabia joining Ripplenet, the recent comments from xRapid, and rumors that XRP could be used as a coin to be overturned on Youtube, the incredibly strong resistance of the wedge model coincided perfectly with the new activity test. The excitement of these ads allowed the bulls to outperform this point and drew a wave of support from other investors to complete this bullish reversal pattern.
The Story Now
At the moment, XRP is holding up well after briefly correcting from its opening run. The assets have suffered little sales pressure from the bears at this stage, which is a good sign that this race could continue.
We still have to see the 50 EMA converging above the 200 EMA at the moment, but it is approaching. Once that happens, it will be a strong confirmation of a bullish continuation. Looking at the other indicators over a closer 2 hour interval, we can see a number of other promising signs suggesting that XRP could continue to rise in the short term.
- On the MACD indicator, the 12MA is still at the top above the 26MA and the signal line at the bottom.
- On the RSI, now that XRP has been corrected, it has returned to the index channel again after briefly exiting the overbought region.
- The Chaikin money flow indicator peaked briefly
The ripple target prices (XRP)
All price targets are set by the SAT sign 5.120 where the resource is currently assessed ( at the time of writing).
Price Target 1: Repeat key area test at 5.412 Sats (5.70% ROI)
Price Target 2: If XRP can cross this strong level of resistance so the next goal will be to test the first bull's endurance strength above 6,909 Sats (20.59% ROI)