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Amazing restart of XRP: good time to invest?

The XRP token, a crypto native to the Ripple ecosystem, appears to be about to reach a very interesting technical level from an operational point of view. Here's how to trade XRP by leveraging the platform PrimeXBT.

The last 24 hours on XRP have seen volumetric levels out of the norm. In fact, the price of the token has decisively surpassed the $0.40 numerary heading close to $0.50, resistance that in the last 2 years has held back the rise in the price of XRP. On Tuesday's day the token gained more than 30 percent among the amazement of many traders who did not expect such a strong movement by an altcoin. Today, however, is painted red, with XRP giving up a 5 percent gain, likely due to profit-taking by short-term traders. The outlook on XRP, however, remains bullish for many industry experts as, according to the analysis of renowned analyst Plan B, a new bull-run could begin, as indicated by signals from the renowned "rainbow" pattern coupled with the mathematical study of Stock to Flow.

XRP/USD: technical analysis using PrimeXBT

In the larger international crypto communities, we hear a lot of good things about XRP, and some traders lately have been debating what might be a good entry point to speculate on this rise in volatility on the cryptocurrency cross in question. Switching to hourly timeframes, the 14-period RSI could be a good depth indicator and suggest some areas of lows. For example, reaching the middle zone, identified in the 40-50 point level, could be supported by long traders, thus fueling demand and intimidating supply. This level could coincide with the $0.40 numeral, a particularly relevant psychological and technical threshold. For this reason, it is safe to assume that buy orders could come as soon as $0.43 is reached. On a technical level, the first target could even be $0.50, which, however, is not such an easy zone to overcome. Needless to add the fact that without the boost coming from the rise in the price of Bitcoin and Ethereum, it is difficult to think that an altcoin could record positive performance.

To trade this crypto some of our traders use the tools offered by PrimeXBT. To sign up by following our affiliate path, click here.


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