XRP Price Continues to Rise: Will the Increase in Price Please XRP Investors? - COINTURK NEWS
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XRP Price Continues to Rise: Will the Increase in Price Please XRP Investors?

9:48 pm (38 days ago)
October 30, 2023

XRP price continues to rise. Bitcoin (BTC) triggered a significant cryptocurrency market rally last week following the ETF news, while XRP rose by 5.50% in the past seven days. After the increase, the price climbed above the critical psychological resistance level of $0.50, which made investors happy.

XRP Coin Review

At the time of writing, XRP was trading at $0.55. However, some concerns about the XRP price movement may have emerged among whales. On October 29, Whale Alert, a whale tracking platform, shared on the X app that $14.82 million worth of XRP was transferred to the BitStamp exchange.

In general, tokens transferred from wallets to exchanges are considered a pre-selling movement. This selling pressure became apparent with a downward movement in the XRP/USD 4-hour price chart. However, the bulls of the token indicated a resistance sign, supporting XRP’s stance and preventing a sharp decline in price.

Despite the price stability, there is still a possibility of a downward risk for XRP. This situation became more apparent with the Moving Average Convergence Divergence (MACD) indicator. At the time of writing, the MACD indicator was showing 0.0004.

While the MACD indicator represents an upward movement, it may be useful to examine the 12-day (blue) and 26-day EMA (orange). At the time of writing, the 12 EMA was above the 26 EMA, indicating that buyers were stronger than sellers.

XRP Coin Review

If the longer-term price momentum surpasses the shorter one, XRP may face the risk of falling to $0.50. Another indicator pointing to the potential reversal of prices was the Bollinger Bands (BB). At the time of writing, the Bollinger Bands were contracting, reflecting the decrease in XRP’s price volatility.

As a result, XRP may continue to trade within a narrow price range of $0.50 to $0.55. In addition, the upper band of the BB touched $0.55 for XRP, indicating an overbought environment for the token. Consequently, a short-term pullback in price is also possible.

This could be attributed to the intersection of the 9 EMA (aquamarine) and the 20 EMA (yellow). Typically, if the 9 EMA is above the 20 EMA, a price increase is expected. If the opposite is true, the price is considered to be in a downward trend. Therefore, the EMA structure of XRP suggests that even a possible decline could be mild.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their own research before making any transactions.

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