XRP prices merge in tight bullish compression, why it is possible to be $5
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XRP price has entered another merger mode after it was below $2.40 on the weekend. Now, this is nothing new to XRP, which has been merged for several years before. As before, the current merger seems to be a bigger thing, and the move could see altcoins soar to new all-time highs.
XRP prices still outpace key support
In the analysis, “Dennishhrndz” shows where the XRP price is currently located and what factors surrounding Altcoin. First, he explained that cryptocurrencies are still trading on the long-term uptrend line. Furthermore, in the bullish compression pattern, he likens it to the classic “curled spring”.
Related Readings
Not only that, XRP prices have also been lowering lows over the past six months, and such developments are bullish at the price of any cryptocurrency. As XRP maintains this trend, it shows that there is still bullish firepower despite the price drop. In addition, XRP’s trading is still higher than the very important trend line support, indicating that its uptrend is far from over.
The trendline support price here is $2, and the XRP price is still around $2.3, and it is still over 10% until testing this support level. Instead, the main resistance outlined by crypto analysts is the $2.7 level. This suggests that the XRP price will be upgraded before any significant thrust encounters.
Other important developments to note are that RSI is now in a neutral position. At 50.88 RSI, give or accept, which means the RSI is resetting. This gives it a start to start over and helps it start toward the next major level.
MACD also saw bullish crossovers as momentum has been slowly rising during this period. This also follows a decline in trading volume. Now, low volumes usually signal bearish controls, but they also act as signals that lead to a breakout pattern.
When to enter
Given the developments outlined by crypto analysts, he gives two major buying levels. The first one here is the $2 to $2.2 area. This is support for XRP prices here and is used as a buy area. Meanwhile, the second level is to enter a breakthrough with a size above $2.7, which will represent continuation.
Related Readings
A breakthrough above $2.7 will bring the XRP price to rallies towards its true goal. First it was the price of $3.50, and then crypto analysts saw $5. “The longer you consolidate the support of the above trendline, the stronger the breakthrough will be,” the analyst said.
Featured pictures from dall.e, charts from tradingview.com
