The price of XRP suggests room for further price growth. Defined key levels have been used. After a 10% countertrend rise, the price of XRP has experienced a brief dip. After many days of auctioning in an oversold area, the Relative Strength Index is in the supporting zone. A break below $0.42 is proof of the bullish countertrend.
XRP indicates the possibility of rising
After a week of consistent price declines, the price of XRP (1) is again showing strength. After a monthly mudslide of 18%, the bulls managed a 10% rally. The first post-ascension downturn is now taking place and is still shallow. Several more factors point to a greater surge for Ripple, including
XRP is presently bidding at $0.457 per unit. Now that it is positioned above the Relative Strength Index (2), the digital remittance token auctions. Given that the XRP price has been trading in oversold territory for almost a week, this is a subtly optimistic indication. In addition, the volume is still quite modest relative to earlier sell-offs.
What's to be expected
According to the evolving technicals, the bears may witness a war for territory at the $0.485 liquidity level. Suppose the bulls can maintain their momentum and establish support above the previously rejected 8-day exponential moving average around $0.470. In that case, another rally up to $0.500 and a 15% market value gain may occur.
The durability of the countertrend rests on the preservation of the recently formed swing low at $0.420. If the bears successfully tag the low, a drop toward the $0.390 liquidity levels may occur. The price of XRP would drop by 14% due to this action.
