The digital crypto asset market has unexpectedly changed the direction of the price movement. Moreover, the community was expecting a continued decline a few days ago, but the market is on the rise and seems ready to test higher levels today. Crypto assets keep remaining under the pressure of the bulls. Besides, an upward momentum remains, indicating the dominance of buyers on the crypto market.
How Far Is XRP Willing To Peak?
As for XRP, at the press-time, the token is trading at $ 0.299 with + 1.52% per day.
For XRP, the 200-day moving average helps provide guidance for further price progress.
According to the XRP/USD price chart, three key points will provide us the direction of movement for the remaining part of this week. Among them are a bearish trend line, a 200-day moving average, and a lower price movement in XRP.
In the presence of a positive movement scenario, the token will continue to grow up and reach levels above $ 0.40. So, let’s start.
Bearish trend line: XRP/USD peaks that were recorded on April 23, 2019, September 21, 2019, and June 22, 2019, were used to build a bearish trend line that served as a reference for the price. If the token manages to close above the bearish trend line, traders will be able to enter long transactions (buy).
200-day moving average: This indicator also provides additional evidence regarding the bearishness of XRP price swing. The slope of the moving average alignment indicates indecision. Therefore, XRP requires monitoring for the future development of price action.
If the indicator changes to positive, then this may indicate a renewal of bullish strength in XRP. Thus, closing the price above the moving average is a good sign of the continuation of the bull trend.
Lower price movement in XRP: On August 15, 2019, and September 24, 2019, the XRP closed below 0.22. This testified to the dominance of bears in the market. The most recent test on October 23, 2019, closed around the 0.22 price level, and the price eventually moved up. Consequently, bullish price fluctuations surfaced, while closing prices below ~ 0.24, reducing the chances of higher prices.
Today, the price exceeds this level with a attempt to break $0.3 psychological resistance level. In other words, XRP has every chance of continuing to grow.
As a conclusion, we can say that if the uptrend continues and closes above ~ $ 0.41, XRP/USD will get a more bullish mood with the possibility of storming new highs in 2019.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.