XRP has gained about 8 % over the past seven days. Earlier this week, the world’s first XRP ETF was launched in Brazil. Despite the positive momentum, XRP is still stuck in a narrow trading range, with the main resistance levels continuing and supporting its short term.
Modern indicators, including the RSI recovery and slightly oud Ichimoku cloud structure, indicates cautious optimism.
XRP: What does this mean for the price?
XRP (RSI) is currently 58.36, increasing from 47.34 earlier today, but still decreased from 77.7 four days ago.
This movement shows a recovery from the last minimum levels, although it remains less than the excessive conditions that were seen earlier in the week.
The last RSI direction indicates that although the bullish momentum has returned to the short term, XRP has not yet recovered the same power that I offered just a few days ago, indicating a more cautious feeling among traders.
RSI, or the relative strength indicator, is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100.
The relative strength indicators that exceed 70 references are usually indicating that the original has been clarified and may be due to a correction, while the relative strength index is less than 30 indicates that it is excessive and can be ready to apostasy.
With the XRP RSI now at 58.36, the origin in a neutral area to noise, indicating that there is still room for more gains without immediately leading to excessive conditions in its arrest.
If the purchase pressure continues, this may lead to a gradual progressive step, although the lack of strong momentum can also lead to trading heading to the range.
XRP hovers over the cloud as momentum
Ichimoku cloud of XRP offers a bullish structure, as the price is a little higher than the cloud.
The Blue Lines (Tenkan-Sen) and Red (Kijun-Sen) are close to the current candle, which reflects a market with a simple export bias but without strong momentum.
The future cloud remains green, indicating that the upward conditions are still expected. However, the proximity of the lines to the price indicates some frequency or monotheism in the short term.
Ichimoku completely displays the direction of direction, momentum, support/resistance areas.
When the price is higher than the cloud with a green cloud forward, it usually indicates a favorable direction, but when it embraces the Tenkan-Sen and Kijun-Sen the price closely, it can indicate a clear lack of conviction of buyers or sellers.
In the case of XRP, the bullish trend remains intact, but the narrow location of the lines indicates a fragile bullish trend where the sharp step in either direction can easily transform.
Outlook XRP: Will bulls or bears control?
The XRP price is traded within a narrow range, caught between the resistance level of $ 2.30 and a support level of $ 2.11.
This side movement comes just two days after the launch of the first XRP ETF in the world in Brazil, a development that can eventually affect market morale.
If XRP falls and loses support for $ 2.11, this may lead to a decrease towards the next support level, $ 2.04.
If the calm momentum increases its condensation, the deeper decline may lead to the XRP test lower levels at $ 1.96, which makes it necessary for buyers to defend the current support area.
On the contrary, if XRP is tested and broken over a resistance of $ 2.30 with a strong upward momentum, the next upward goal will be about $ 2.50.
Continuous power can pay about $ 2.59, and may extend to $ 2.64 if buyers maintain control.
Disintegration
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