XRP Price Chart Signals Major Breakout: Top 5 Reasons To Watch
August 20 2024 - 6:00AM
NEWSBTC
XRP is one of the top performers within the top 100
cryptocurrencies by market capitalization in the past 24 hours.
With a price increase of 7%, the XRP price is showing significant
bullish momentum, which could continue to expand according to
various crypto analysts. Dark Defender (@DefendDark) released a new
technical analysis of the XRP/USD pair today that shows a strong
bullish trend. According to his latest post on X, “XRP touched the
fibonacci zone of 61.80% at $0.6044 & trying to break here.
Heikin Ashi candles are bullish & Green. RSI has golden cross
& Green. Ichimoku Clouds are Green. Shortly we expect to touch
$0.6649 then $0.9327!” This statement is loaded with technical
insights and predictions. #1 XRP About To Break Key Fibonacci
Levels Starting with the Fibonacci retracement levels, a popular
tool among traders for identifying potential reversal levels, the
price of XRP touching and attempting to breach the 61.80%
retracement level at $0.6044 is significant. This level often acts
as a major resistance or support level, depending on the direction
of the approach. Related Reading: Monday’s Crypto Leaderboard: BNB
And XRP Surge Past Market Leaders For XRP, this level is crucial as
the price has rebounded from recent lows and is testing this
crucial threshold that could confirm the continuation of the upward
trend. If XRP closes above $0.6044 on the daily chart, $0.6649
(70.20%) and then $0.9327 (100%) could be next targets, according
to Dark Defender. #2 Bullish Heikin Ashi Candles The mention of
“Heikin Ashi candles are bullish & Green” indicates that the
recent price action has been dominantly bullish, characterized by
green Heikin Ashi candlesticks. These candlesticks differ from
traditional ones as they are derived from average price movements,
thus they help traders identify trends more clearly and make
decisions based on less noisy data. #3 RSI Golden Cross Another
important aspect Dark Defender highlights is the “RSI has golden
cross & Green.” The Relative Strength Index (RSI) is a momentum
oscillator that measures the speed and change of price movements on
a scale of zero to 100. Typically, an RSI reading above 70
indicates a market in overbought conditions, while below 30
suggests oversold conditions. Related Reading: Crypto Analyst
Predicts XRP Price Spike To $26 In This Bull Run As Base Case The
RSI line has crossed above its moving average, creating what is
known as a ‘golden cross.’ This is typically a bullish signal,
suggesting that the momentum is shifting towards the buying side.
The RSI is currently trending upwards, staying within the neutral
territory, indicating there is room for upward movement before the
asset becomes technically ‘overbought.’ #4 XRP Trades Above The
Ichimoku Cloud Furthermore, the analyst points to the fact that the
“Ichimoku Clouds are Green.” This is another popular technical
analysis tool that provides insights into the future price action.
A green cloud typically indicates a bullish future price movement
and acts as a support area for the price. This aligns with the
other indicators suggesting a strong bullish momentum. #5 Chaikin
Money Flow Makes New High The fifth bullish reason comes from
NewsBTCs head of research Tony “The Bull” Severino. Via X, he
remarked: “XRP monthly Chaikin Money Flow looks promising with a
higher high.” The Chaikin Money Flow (CMF) indicator plays a
crucial role in underscoring the bullish sentiment. The recent
observation by Severino that the CMF has formed a higher high
indicates a significant increase in buying pressure. The CMF, by
measuring the volume-weighted accumulation of trades over the past
month, shows that more traders are buying XRP near the closing
prices of its trading sessions, a pattern generally associated with
increasing market confidence. The move of the CMF into positive
territory is a shift that suggests a strong inflow of money into
XRP, contrasting with periods when the CMF lingered around or below
zero, reflecting a balance or dominance of selling pressure. At
press time, XRP traded at $0.6070. Featured image created with
DALL.E, chart from TradingView.com
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