Technical Indicator Analysis of XRP Price Increase

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Bitget2024/02/20 13:11

The upward momentum of XRP seems to be accelerating after breaking through $0.54. Here are some technical indicators that may e xplain the rise in XRP price. Key support level: $0.54; key resistance level: $0.68.

1. Buyers continue to dominate: The sustained buying volume has pushed XRP close to $0.57, indicating that this round of increase might have just begun. The current target for the rise is the resistance at $0.68.

2. Bullish momentum strengthens: As prices rise, higher highs and larger bodies appear on the three-day candlestick chart, indicating a strengthening bullish momentum.The three-day RSI also rose above 50 points, entering a bullish zone.

3.Bullish crossover appears in MACD: A bullish crossover appears in the three-day MACD, which is a significant change in price action and indicates that this round of increase has just started to show up.If past situations can serve as references,XRP has a great chance to continue rising within the remaining time of this month,test out key resistance at $0.68.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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