Is XRP preparing for a new uptrend?

XRP, the 3rd largest cryptocurrency in the market according to market cap, seems to be at the beginning of a new uptrend in the second half of October.

XRP witnessed fluctuating price movements in the range of $ 0.26 - $ 0.22 after its sharp drop in early September. We see that the XRPUSDT pair is in a tendency to break the upper line of the band it is in today.

The upper line of the band, which is at an average level of $ 0.2550, was tested three times in a period of about 2 months by XRP buyers, but could not be broken. The correction movements seen in October were met at an average of $ 0.24.

XRPUSDT seems to be at the beginning of a new uptrend that started at $ 0.24 recently. In the last two days, this increase continues with gaining momentum. Altcoin, which rose by $ 0.2516 yesterday with an increase of 3.36 percent, was changing hands above the resistance level we stated as $ 0.255 with an increase of nearly 3 percent in the hours of our article today.

If XRP closes above the resistance level today, a move towards $ 0.27 this week could be seen. In case of limited corrections at 27 cents in the coming days, we can see an entry towards the 30 cents band in XRP.

When we look at the XRPUSDT daily chart, the ideal order of slow, medium, and fast-moving averages is another indicator that supports the rise. However, it is worth remembering again that the day's closing above $ 0.2550 is extremely important for XRP. Another indicator that supports the rise is the Stochastic RSI. This indicator seems to be heading up again over the oversold zone in the daily outlook and has gained good momentum.

In case of a possible correction, the $ 0.2450 levels can be followed as important daily support.

*Disclaimer: The information in the content is not investment advice. The author is not responsible for your profit or loss. Every investment involves risks and requires knowledge.

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