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XRP (XRP) Price Analysis: Shows Strong Support at $2.42 Range
The XRP market has witnessed a significant surge in the past few days, with the asset breaking through the crucial $2.70 resistance level and subsequently establishing new support zones. While some analysts have warned of potential retracement, the technical indicators suggest further upside movement towards the $3 mark.
As observed on the daily chart, XRP has consistently followed our projected path, with the latest instance being the post discussed two days ago, where we targeted a price point of $2.72 and today’s bounce from that level serving as confirmation. It is essential to note that this break has been accompanied by an increase in momentum, with indicators such as the hourly Relative Strength Index (RSI) remaining above the 50 level.
This technical signal aligns with other metrics suggesting sustained bullish momentum in the near term. The hourly MACD indicator shows increasing momentum in the bullish zone, adding weight to the broader narrative surrounding XRP’s price action. This momentum is further reinforced by the Fear & Greed Index reading 87, indicating extreme greed in the market.
The launch of Ripple’s RLUSD stablecoin has also contributed positively to the overall sentiment, as trading volume has increased significantly since its introduction. However, it is crucial for traders to exercise caution despite this bullish trend due to the high level of greed observed.
From a short-term perspective, the asset appears poised to retest lower support levels, with $2.42 serving as a critical zone. Traders are closely monitoring this area as a potential springboard for future moves towards $2.92.
Source: blockonomi.com
