XRP, consolidation phase is complete...targeting $1.7 breakthrough

▲ XRP

XRP has completed its short-term correction and re-entered an upward trajectory. It is evaluated that momentum for recapturing its previous high is being built, driven by the upward breakthrough of key moving averages and the defense of support lines.

According to U.Today, a virtual asset specialized media outlet, on September 28 (local time), XRP is undergoing a digestion process of selling pressure around the $1.537 level after being pushed down from its previous week's high of $1.65. XRP, which surged to $1.70 after breaking above the $1.35 mark in late August, then underwent a consolidation phase between $1.35 and $1.55 for several weeks. Analysis suggests that it has resumed its upward trend after completing a solid bottoming-out process.

Overall technical indicators are unanimously pointing to bullish signals. XRP has currently settled above the upward-sloping 50-day moving average (approximately $1.36) and the gently downward-sloping 200-day moving average (approximately $1.35). As the two moving averages enter a convergence zone, there is a high probability of a golden cross being completed if the uptrend continues. The Relative Strength Index (RSI) also remains around the 60 mark, before entering the overbought zone, maintaining robust upward momentum.

Key support and resistance levels have also been clearly established. The range from $1.45 to $1.50, which was the upper bound of the previous trading range, is acting as a critical support level. Experts predict that as long as it remains above this support line, buying pressure will continue to flow in during price corrections. On the other hand, if it falls below $1.35, the bullish trend will be invalidated, and it could experience further correction to the early $1.30s.

The market is pointing to the $1.65 to $1.70 range as the final hurdle to overcome for a new yearly high. Market attention is focused on whether XRP, having absorbed short-term profit-taking sales, can break through the key resistance level and launch a new all-time high rally.

[Article Key Summary]

-XRP has resumed its upward trend at the $1.537 level, breaking out of its $1.35-$1.55 consolidation range.

-The anticipation of a golden cross due to the convergence of the 50-day and 200-day moving averages, along with an RSI at 60, supported the uptrend.

-With the $1.45-$1.50 support line being defended, whether XRP can break through the $1.65-$1.70 resistance level is considered a watershed moment for the future rally.

*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.*