XRP is regaining its previous trend,Will bulls be able to sustain it
TA: XRP is regaining its previous trend,
According to CoinGabbar's stats, the price of ripple is rebounding with strong rising momentum. The digital currency has risen over the 20 EMA and is getting ready for the 50, 100, and 200-day DMAs.
The price of ripple is attempting to recoup within the consolidation phase and is now trading with strong rising momentum on the daily price chart. The token appears determined to record its recovery period and increase rapidly. Bulls of the XRP token are making an effort to raise it from lower levels. In order to enter the range-bound region, XRP investors must wait until bulls maintain the lower trendline of the consolidation phase. Due to the continuing bad market, however, bears may halt the XRP coin's rising momentum.
In the past 24 hours, the market capitalization of ripple, which is presently trading at $0.37, has increased by 13.83 percent. The intraday trading session saw an 86% rise in trade volume. This demonstrates that XRP bulls are still actively trading to signal the token's breakthrough.
In the lower range, $0.32 serves as support, and $0.40 serves as resistance in the upper range.
To signal its breakout, the XRP currency price is attempting to gather buyers. The token appears to be quite motivated to bounce back during the consolidation period. Early in June 2022, XRP started a negative rally before finding support at the $0.32 level, which allowed it to surge back into the consolidation period. Technical indicators point to the XRP coin's rising momentum. The high upward momentum of the XRP coin is represented by the relative strength index. The RSI is currently at 52 and has moved past neutrality and into overbought territory. The positive momentum of the XRP coin is shown on MACD. Just now, the MACD line and signal line were crossed, signaling a successful crossing.
Conclusion
As it trades with strong upward momentum over the daily price chart, ripple price is attempting to bounce back within the consolidation period. The coin appears committed to recording its recovery period and experiencing exponential growth. Bulls in XRP are working to raise the coin from its current lows. On the daily price chart, XRP is ready to record its breakout and rebound. But for XRP to record its breakout, volume change must increase from its current low level. Technical indicators point to the XRP coin's rising momentum. The RSI is currently at 52 and has moved past neutrality and into overbought territory.
Technical Levels
Support Levels: $0.32 and $0.30
Resistance Levels: $0.40 and $0.45
