- The price of XRP increased by 19% over the weekend.
- The Relative Strength Index shows significant bullish momentum on the longer timeframes.
- A break above $0.41 could see a further 20% gain to $0.44.
The price of Xrp confirms the thesis of the previous countertrend, still trying to get more profit from the current uptrend, accompanied by risk.
XRP price follows the movement
The price of XRP showed encouraging price action over the weekend. Since Friday, September 16, the digital rebate token has rebounded by 19%, confirming the previous bullish trade idea mentioned in the last thesis. Now that the bulls have cleared the $0.39 target, a dual storyline begins.
“Confirmation of the bearish thesis is the close of the candle higher at $0.345. If the bulls are able to clear the barrier, there could be a countertrend rally to recent swing highs at $0.390. Such a move would increase the current price of XRP by 19%. ”
The price of XRP is currently being auctioned at $0.38. The relative strength index shows that the price of XRP has reached an ideal support level and is now moving through significant areas of resistance. Judging by this index, the market momentum seems to be in favor of the bulls.
However, being an early buyer right now can be very risky as the overall downtrend is still in place until the summer high of $0.41 is broken. If traders are able to overcome this level, a rally to the May 31 high of $0.44 could take place, resulting in a further 16% increase in the price of XRP from the current price.
On the contrary, if the bulls do not break the $0.41 border, there is likely to be a pullback to the midpoint of the recent uptrend at $0.036. This price action will result in an 8% decrease in the current market value.
In the next video, our analysts delve deeper into Ripple’s price behavior by analyzing key levels of market interest. -Team Netcost-Safety