PrimeXBT has investigated the markets and found some relevant data about XRP/USD that we would like to share with you.
Fundamental Analysis and News:
XRP’s sudden surge was likely triggered after Binance launched an XRP/USDT perpetual contract for margin trading the other day. Quite possibly, a cumulative effect helped drive this fleeting surge, with all the numerous milestones, including the successful ODL corridors set up by Ripple with MoneyGram to Mexico and the Philippines, working together to provide the crypto with some upwards momentum.
Technical Analysis:
XRP’s technical analysis suggests that the trend may soon be shifting for XRP, as the asset appears to have formed a falling wedge – which is typically a bullish reversal pattern.
The top of the bullish chart pattern is being tested and is in the midst of potentially breaking out of the formation with a target zone around $0.278 per token.
The price action combined with RSI has formed a bearish divergence, which often indicates that a trend reversal is forming from bullish to bearish, and a downtrend could soon follow and lead the price to the support levels.
Share your thoughts about this trade idea in the comments section below.
Stay tuned for future technical analysis, news, updates, and more from PrimeXBT.
Fundamental Analysis and News:
XRP’s sudden surge was likely triggered after Binance launched an XRP/USDT perpetual contract for margin trading the other day. Quite possibly, a cumulative effect helped drive this fleeting surge, with all the numerous milestones, including the successful ODL corridors set up by Ripple with MoneyGram to Mexico and the Philippines, working together to provide the crypto with some upwards momentum.
Technical Analysis:
XRP’s technical analysis suggests that the trend may soon be shifting for XRP, as the asset appears to have formed a falling wedge – which is typically a bullish reversal pattern.
The top of the bullish chart pattern is being tested and is in the midst of potentially breaking out of the formation with a target zone around $0.278 per token.
The price action combined with RSI has formed a bearish divergence, which often indicates that a trend reversal is forming from bullish to bearish, and a downtrend could soon follow and lead the price to the support levels.
- Local Support Level: $0.20
- Major Support Level: $0.184
- Local Resistance Zone: $0.233 - 0.226
- Target Zone: $0.26 - 0.295
- Market Cap: $8 818 350 645 USD
- Volume (24h): $1 371 142 084 USD
- Circulating Supply: 43 366 238 611 XRP
Share your thoughts about this trade idea in the comments section below.
Stay tuned for future technical analysis, news, updates, and more from PrimeXBT.
Trade active
Trade active:
XRP's going to the target zone and needs some further time to close above the resistance zone.
