XRP Has Bullish Trend Set In - Technical Analysis
Ripple is a blockchain technology-based open-source decentralized platform for global payments. It helps users meet their high liquidity demands with ease. XRP is a cost-efficient and highly scalable digital asset that drives innovations in the digital payment arena.
On March 15, 2021, XRP opened at $0.44. As of March 21, 2021, XRP closed at $0.51. Thus, in the past week, the price has soared by approximately 16%. In the last 24 hours, XRP has traded between $0.49-$0.52.
Day-Ahead and Tomorrow
Currently, XRP is trading at $0.52. The price hasn’t undergone much change from the opening price of $0.516. Thus, the market looks neutral, though slightly more titled towards a price upswing.
The A/D indicator is rising. Thus, whale accumulations are slowly surpassing whale distributions. There is a bullish divergence here. Hence, we can expect the price to go up.
The MACD and signal lines have just turned positive. Thus, the negative momentum of the market is slowly reversing. Moreover, a bullish crossover by the MACD line over the signal line has occurred. This implies that the market is poised for a price rise.
The RSI indicator is currently at 61%. It has faced a bearish swing rejection at 62%. Thus, there is a tussle between buying and selling pressures. Eventually, we can expect the buying pressures to prevail as the other oscillators are showing positive signs. Hence, we can expect the price to increase in some time.
XRP Price Analysis
Currently, the price is above the Fibonacci pivot point of $0.51. We can be assured that a bullish trend has set in, if the price breaks out of the first and second resistance levels of $0.52 and $0.53, respectively, by the day close.
The price has tested and risen above the 23.6% FIB retracement level of $0.51. Thus, the bulls are looking in control of the market. If the market momentum continues to be positive throughout the day, we can expect a price uptrend tomorrow as well.
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