In the last 24 hour, XRP’s price has fallen by 2% Trade at $1.08 Trading volume fell 27%, to $5.6 Billion as of 0217:17 AM EST.
Armando Panoja, a X analyst, predicts the XRP value could reach $8-$30 from its current price. Pantoja believes that Elliot waves indicate a rally of XRP.
Analysts also noted that Gary Gensler’s potential departure as SEC chairman will help to push up the price of XRP.
The XRP price on a sustained rally
Chart analysis of the XRP/USD shows a strong bullish tendency in recent weeks. This is evident by the parabolic movement in price in November. GeckoTerminal’s data shows that the bulls took advantage of the $0.55 level in order to propel the price of XRP to the top.
This is confirmed by a sharply upward slope on the 50-day Simple Moving Average, which is located well above 200-day SMA. The classic “golden cross” occurred earlier, when the 50-day SMA crossed above the 200-day SMA, forming around $0.55, which confirms the bullish stance.
The Relative Strength Index is 80 which indicates that the market has reached extreme levels of overboughtness. The asset may be due for a price correction or a cooling down in the near future, even though the bullish momentum remains strong. In a strong trend like this, RSI could remain overbought long before a pullback.
Moving Average Convergence Differenciation (MACD) has a bullish alignment, with the MACD above the signal line and both lines above the zero line. This confirms strong momentum in the bullish direction. Histograms show positive momentum is increasing rapidly, but a leveling-off of the bars in the histogram suggests that momentum could begin to fade.
Recently, XRP peaked at $1.20. This level is now an immediate barrier. This level may be the next goal if the bullish trend continues.
XRPUSD Chart Analyses Source: GeckoTerminalIf a decline occurs, the previous resistance levels of $1.00 and $80 could now serve as support. These levels correspond to psychological round numbers as well as previous consolidation zones.
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