Crypto traders are eyeing the next move for Ripple’s token after a series of major developments unfolded both technically and fundamentally.
After reaching a local high at $2.30, XRP entered a demand zone where past rallies have ignited. This aligns with the Awesome Oscillator (AO) bouncing from the neutral 50 mark on the RSI on the weekly timeframe. However, the AO is showing some weakening momentum as the green and red bars of the oscillator become more even.
This signals that although the market remains in bullish territory, there could be a slight decrease in buying pressure. To regain upward traction, the token must clear the next major resistance at $2.72. A daily close above this level would confirm a breakout continuation.
If bulls fail to reclaim that level, XRP may remain in consolidation between $2.00 and $2.30, a zone often associated with long-term accumulation.
This technical analysis provides valuable insights into the potential price movements of XRP in the coming months. As the token faces resistance at $2.30 and pivots back into a demand zone, traders will be closely watching for signs of renewed bullish interest.
The analysis also highlights the importance of the RSI and Awesome Oscillator indicators in identifying trends and momentum in the market. These indicators can help traders make more informed decisions about when to enter or exit trades.
Ultimately, the price of XRP will be determined by the balance of supply and demand. If bulls can push the price higher and clear the next major resistance level, then the token could continue its bullish run. However, if bears regain control and push the price lower, then the token may return to the long-term accumulation zone.
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