Even though the price of Ripple XRP broke over the long-term horizontal resistance zone of $0.55, the price growth paused.
Will the price of XRP find stability again and try another breakthrough, or are there going to be new lows?
XRP Emerges but Finds It Hard to Continue Growing
Since the beginning of the year, the price of XRP has climbed in tandem with a rising support trend line, according to technical analysis conducted on the weekly time frame.
In July of this year, the price hit a new yearly high of $0.94 after breaking clear of the $0.55 horizontal resistance region (red symbol).
Ripple (XRP) Hits Pause at $0.75: Will Price Regain Momentum?,Ripple (XRP) Hits Pause at $0.75: Will Price Regain Momentum?
XRP was unable to sustain its rise, though. Instead, it formed an elongated upper wick that eventually dropped, returning in August to the rising support trend line (green symbol).
The price of XRP broke out of the $0.55 range in October after bouncing at the trend line once more. This week, XRP hit a high of $0.75, but the price climb again stagnated.
Positive readings are obtained from the weekly Relative Strength Index (RSI), a momentum indicator.
Traders use the relative strength index (RSI) as a momentum indicator to assess market conditions and decide whether to buy or sell assets based on whether the market is overbought or oversold.
Bulls still have the upper hand if the RSI reading is over 50 and the trend is rising; if the reading is below 50, the converse is true. Right now, the RSI is higher than 50.
What Is The Analyst View On Increase?
TonythebullBTC, a cryptocurrency trader, is quite optimistic about the future of XRP for a number of reasons. He said as much:
“By looking at this, I find it difficult to not be bullish on XRP: price broke out of the upper Bollinger Band and a close above it indicates a breakout buy signal. BBW is the second tightest it has ever been. %B is above 0.5 suggesting bullish price action.”
Ripple (XRP) Hits Pause at $0.75: Will Price Regain Momentum?,Ripple (XRP) Hits Pause at $0.75: Will Price Regain Momentum?,Ripple (XRP) Hits Pause at $0.75: Will Price Regain Momentum? , Ripple coin Crypto news, Ripple coin News