The price of XRP has risen 7% in the last 24 hours to roughly $0.64, signaling a welcome shift in fortune for the cryptocurrency after months of stasis. This spike is part of a larger positive trend in crypto markets, with Bitcoin trading over $62k after consolidating in the mid-$50k region for weeks.
A more detailed glance at the XRP/USDT chart reveals some insights about this spike. For more than two months, XRP had traded sideways in a declining channel. However, a few days ago, the price broke out of its multi month stability pattern.
Typically, if the price breaches out of an extended range like this, it indicates the end of the preceding trend, and turbulence rises as the coin enters a phase of exploration. This appears to be playing out for XRP this week as it reaches greater levels. Based on the graph, $0.75 appears to be the next level where the XRP price may finish up in the next few days or weeks.
The daily indicators of technology also show some promising aspects. The 200-day moving an average, a key level of support, is trading at $0.56. Holding above the current point indicates well for the next upward advance.
Additionally, the DEMA 9 passed above the price at $0.64, showing that short-term momentum is positive. The RSI has also gone into the middle area at 60, indicating that there is still opportunity for this move before the currency becomes overbought.
To summarize, the turning point from the raised descending channel, bullish moving averages, and inflows into alternative coins appear to have fueled XRP’s recent upward price movement. If this rise continues above crucial support levels, it could extend to BrettFogle’s initial goal of $0.075 in the short term.
Release: The purpose of this content is only to provide knowledge. Readers have to do their own research before making investment decisions.
