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29 January 2022
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Altcoins

Ripple’s XRP looks bullish after deep dip

Ripple’s XRP has had a hard time like the rest of the cryptocurrencies over the past few days. After two huge price fluctuations this past week, it now seems that XRP has come to some rest again. XRP traders may even look up carefully as several signals predict a bullish outlook.

On February 24, XRP was worth about $ 0.3320, but within an hour, the price dropped to about $ 0.3100. After that, the course for one day acted sideways, after which it rose again to the $ 0.3360 within a very short period of time. In short, noisy times as for the rest of the cryptos such as bitcoin (BTC) and ethereum (ETH). Since those two major price fluctuations, the XRP rate has slowly decreased, until now.

After XRP dipped below $ 0.3000 yesterday, the price has now been broken by the resistance level of $ 0.3050. Then XRP broke the next resistance level of $ 0.3100 and the 100-hourly moving average (MA) line. These are indications that the bulls will start to experience the force majeure, resulting in a possibly further rising XRP rate.

XRP is now worth $ 0.3178 with the following resistance levels of $ 0.3185 and then $ 0.3200. It is important that XRP also breaks through these levels to ensure further increases. If this succeeds, XRP traders should monitor the $ 0.3250 level, which is the next important resistance.

If this does not work then the price can again go down to $ 0.3050 with under $ 0.3000 as the main support. To avoid this, the bulls have to break the price by the above-mentioned resistance levels.

The Relative Strength Index (RSI) has also risen above the 50 level, which is a positive signal. For now it looks positive for the short term with a possible increase to the $ 0.3250 or higher.

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