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XRP Price Analysis: XRP Token Rebounded Strongly, After testing 200-DMA Support 

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  • XRP token rebound sharply after testing its 200-Day moving average and presently holding the vital MA of 200-Day
  • The coin is facing strong rejection from the Short term moving average of 20-day, while the closing of day candles above 20 and 50-DMA will give confidence to Bulls.
  • The pair of XRP/BTC is also trading positively with intraday gains of +2.24% standing at 0.0000224 BTC; whereas, the ratio of XRP/ETH is also trading in green-up by +1.23% at 0.0003513 ETH. 
Source:tradingview

The XRP Token, also known as the Ripple token, has been in a major slump since mid-May 2021. The price has fallen by over 50%, and it seems that there is no end in sight for this downtrend. But now, after testing 200-DMA support at $0.78. At the same time, XRP Token rebounded strongly to trade near $0.88. This is a sign that investors are starting to see some light at the end of the tunnel and might start buying again soon! 

XRP Bulls again push the coin to higher levels from the vital moving averages of 200-DMA. Moreover, XRP is also facing short-term resistance from its 20 and 50-Day Short term moving averages. In contrast, the closing of day candles above 20 and 50-DMA will give the first sign of conformation of bullish momentum. Support on the lower side is at $0.78 and $0.65; whereas, resistance on the higher levels is at $1.00 and $1.28. 

Source:tradingview

Over the weekly chart, the XRP token has broken out from the bullish chart structure of descending triangle pattern. Whereas the technical parameters are heading in favor of bulls, we can see a bullish momentum if the crypto sentiments remain positive. Currently, the coin is trading at $0.88 levels with intraday gains of +5.12%, and the total volume recorded in the last 24-hours is $3,063,690,124. 

Relative Strength Index (BULLISH): XRP token RSI is presently projecting bullish momentum, gradually heading towards the overbought region over the weekly chart. At the same time, trading at 57 levels.  

Moving Average Convergence Divergence (BULLISH): Currently projecting a positive trend over the weekly chart. The MACD shows the buyer’s signal line (green) is overpowering the seller’s line (red).  

Support levels: $0.78 and $0.65

Resistance levels: $1.00 and $1.28.