XRP has surged by 20.6% since Monday's lows, flipping its daily structure bullishly. However, it faces a key resistance zone at $0.0244. Technical indicators suggest a bullish outlook, with strong upward momentum and buying pressure, but some caution is advised due to relatively low trading volume compared to previous rallies.
has gained by 20.6% since the lows of Monday, 23 September. It flipped the daily structure bullishly, but traded at a key resistance zone. AThe technical indicators favored a bullish outlook for the token. The short-term sentiment was also expectant of sustained gains, but some caution among swing traders may be warranted.Over the past few days, the trading volume bars were above average compared to the past two months, but still minimal compared to the rally in late May.
Hence, the buying pressure may be relatively higher, but not absolutely higher when compared to periods of a strong trend like February or May. This can be worrisome, because the price approached a key resistance level at $0.0244 that has been in place since early August. The Fibonacci levels showed that $0.0265 and $0.03 would also be pivotal resistances should JASMY manage to breakout. However, the moving averages continued to show long-term bearish momentum – A breakout is vital for the bulls to flip the downtrend.The Open Interest and the spot CVD were increasing rapidly since last Monday, and especially over the past 48 hours. Together, they denoted bullish conviction in the spot and Futures market.
The technical and price action clues were bullish, but also underlined that swing traders and investors should be cautious. A range formation with the highs at $0.0244 is still possible, and participants should factor this possibility in before making their plans. Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis.
XRP Cryptocurrency Price Analysis Resistance Level Bullish Outlook
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