These factors will open up XRP’s route to $1.30

0

 97 total views

XRP dodged a bullet after a a symmetrical triangle appeared on its chart. A move above the upper trendline allowed bulls to take command and fight for higher ground. By gaining a foothold above an important price barrier of $1.05, XRP can set up a possible comeback to $1.30, provided a few potholes are negotiated. At the time of writing, XRP traded at $1.03, up by 5% over the last 24 hours.

XRP 12-hour Chart

Source: XRP/USD, TradingView

XRP battled past a symmetrical triangle which carried the threat of a near 20% sell-off. A breakout in the opposite direction saw XRP push above its 12-hour 20-SMA (red) and regain some momentum. For now, some tailwinds were present at the confluence of the 50-SMA (yellow) and $1.05 resistance.

Functioning as support earlier, the $1.05 region held strong after multiple attacks over the past few months but bears eventually punctured through during the wider market sell-off on 20 September. While this was a tough nut to crack, a close above this region could have massive upside. An additional 24% surge was possible provided XRP is able to overcome the $1.13 mark, which also coincided with the Visible Range’s POC. However, expect this climb to come at a gentle pace as opposed to an extended rally as the region between $1.10-$1.17 showed a large amount of sell pressure in the past.

Reasoning

XRP indicators made key recoveries and presented some buy opportunities. The RSI traded rose above the 50-mark there was more room to grow before a reversal from overbought conditions. The Awesome Oscillator registered its first green bar above the half-line in nearly a month on the back of a bullish twin peak. Finally, the Directional Movement Index also noted a key crossover as the +DI line overtook the -DI line.

Conclusion 

The next few days could see XRP trade below $1.05 as bulls gather momentum for an upwards breakout. This would open up a route to $1.30 as long as bulls are able to overcome selling pressure between $1.10-$1.17.

Adblock test (Why?)

Disclaimer:

Blockcast.cc does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision.