XRP Holds $1.3, But Trading Volume 'Plummets'... A Test for Rebound

▲ XRP

XRP has breathed a sigh of relief from the risk of a bearish reversal by maintaining the $1.30 level after its surge in August.

According to cryptocurrency media outlet U.Today on September 14 (local time), XRP has shown support in the $1.30-$1.35 range after a strong rebound in August. This range is the bottom of the sideways trading range formed after the August surge. Analysis suggests that repeated influx of buying pressure is preventing further decline.

The technical trend has also stabilized compared to before. The 50-day moving average is rising to approximately $1.28. XRP remains above the short-term moving average. However, the upward trend was capped around $1.40. Recent movements towards $1.45 were also limited. Trading volume has also significantly decreased compared to the breakout in August.

The Relative Strength Index (RSI) has fallen to approximately 55. The indicator, which had entered the overbought zone during the August surge, has returned to a neutral-to-bullish range. U.Today assessed that while overheating concerns have decreased, upward momentum has also weakened.

In the market, the defense of the $1.30 level is considered key. If this line breaks, the rising 50-day moving average could be exposed as the next support level. In case of further decline, the $1.20-$1.25 range could also be tested again. Conversely, if $1.30-$1.35 is maintained, the recovery structure formed after the August breakout will be preserved.

On the upside, $1.40-$1.45 is a major resistance zone. Analysis suggests that if this zone is recovered with increased trading volume, the path towards $1.50 and the August high could reopen. U.Today assessed that the pace of correction has slowed and the $1.30 support level has been maintained.

[Key Article Summary]

-XRP has maintained the key support range of $1.30-$1.35 since its surge in August.

-The Relative Strength Index has fallen to approximately 55, and upward momentum has somewhat weakened with decreasing trading volume.

-If $1.30 breaks, $1.20-$1.25 could be tested again, and the recovery of $1.40-$1.45 is also crucial.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*