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XRP Bulls Reclaim Key Levels: Potential Upside After Consolidation

3M agoā€¢
bullish:

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bearish:

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  • XRP has recently entered a high liquidity zone following its latest bullish movement.
  • This shift is reflected in its long/short ratio on major exchanges, which shows a slight bullish trend.
  • After a series of green candles in early July, XRP managed to reclaim positions above the 20, 50, and 200-day EMAs.

XRP consolidates recent gains, showing promise for an extended bullish run in the coming period.

XRP Surges Above Key EMA Levels Amid Bullish Rebound

XRP experienced a significant turnaround after a prolonged downtrend that originated from its $0.72 resistance level in March 2024. The cryptocurrency saw its value plummet over 40% in the subsequent three months, slipping under the crucial 200-day EMA, indicating strong bearish sentiment. However, the market dynamics shifted when bulls intervened at the $0.41 support level, sparking a rally that saw XRP regain its lost ground.

Potential Resistance Levels and Market Dynamics

The recent upward momentum brought XRP near the VRVP indicatorā€™s Point of Control (POC), known for its high trading volumes. This suggests that the $0.61-$0.64 range could pose significant resistance for buyers. Presently, XRPā€™s 50 EMA has crossed above the 200 EMA, hinting at sustained bullish pressure in the short-term. If the price manages to close above the $0.64 resistance, it could pave the way for testing the $0.73 resistance level.

Support Levels and Relative Strength Index Insights

On the downside, any immediate price drops are likely to find support at the $0.57 level or around the 20 EMA. Meanwhile, the Relative Strength Index (RSI) showed a slight decrease after touching the overbought zone. This retracement towards the 50-mark indicates a potential easing of buying pressure before a possible bullish reversal in the near term.

The Derivatives Market Shows Bullish Bias

Recent data from derivatives markets reveal a bullish sentiment, with higher long positions than shorts across major exchanges. Despite a recent 6% price drop, significant liquidations of short positions suggest that traders might be preparing for a reversal or protecting against further downside risks. This market behavior underscores a cautious optimism among traders regarding XRPā€™s future price movements.

Conclusion

In conclusion, XRPā€™s recent bullish consolidation above key EMA levels and its performance in derivatives markets suggest a cautiously optimistic outlook. While immediate resistances need to be overcome, the overall market indicators point towards a potential continuation of the bullish trend. Traders and investors should watch closely for movements around the $0.61-$0.64 range and the $0.57 support to gauge the next likely direction of XRPā€™s price action.

The post XRP Bulls Reclaim Key Levels: Potential Upside After Consolidation appeared first on COINOTAG NEWS.

3M agoā€¢
bullish:

0

bearish:

0

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