Buy Ripple: Huge Breakout Coming From Lower levels in XRP Crypto

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XRP is giving signals of a buy opportunity from the lower levels. This can be a good trade for short term with good risk reward ratio.

Price is in a downtrend, however, it had a bullish breakout from Falling Wedge pattern and above $0.055 key level, which could signal at least a temporary bullish trend reversal with +20% upside potential to $0.067 next.

Stop Loss at $0.049. This is a riskier trade setup because itโ€™s a trend reversal not a trend continuation setup. Itโ€™s against the overall downtrend.

XRP Coin Price Analysis

  • Price: $0.5826
  • Market Cap: $33.2 billion
  • 24h Trading Volume: $1.05 billion
  • Circulating Supply: 56.1 billion XRP
  • Total Supply: 100 billion XRP
Xrp Coin Price Analysis
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Falling Wedgeย Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher.

Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.

For on-demand analysis of any cryptocurrency, join ourย Telegram channel.

Weekly Price Analysis

  • 7-Day Change: +20.82%
  • Week Opening Price: $0.48
  • 24h High/Low: $0.60 / $0.59
  • Trend:ย Short-term trend is Down, Medium-term trend is Strong Down and Long-term trend is Strong Down.
  • Momentum:ย Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
  • Support and Resistance:ย Nearest Support Zone is $0.055, then $0.043.ย Nearest Resistance Zone is $0.067, then $0.08.

Key Indicators

  • RSI (Relative Strength Index): 72 (indicating overbought conditions)
  • MACD (Moving Average Convergence Divergence): 0.012 (positive, indicating bullish momentum)
  • Bollinger Bands: Narrowing, with upper band at $0.60 and lower band at $0.56.

XRP News Roundup

  • Strategic Deals: Ripple has entered a strategic partnership in the Middle East.
  • Market Position: XRP’s recent stability around $0.50 to $0.55 suggests potential for a significant breakout.
  • Regulatory Updates: Ripple is navigating ongoing regulatory challenges.

XRP continues to be a key asset in the cryptocurrency market, with its current momentum suggesting potential gains. However, the overbought RSI indicates a need for caution, as short-term corrections may occur.

For on-demand analysis of any cryptocurrency, join ourย Telegram channel.

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Harsh Panghal
Harsh Panghal

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