- XRP is currently trading hands at $0.4029 after a 2.83% increase in price.
- The token’s daily RSI indicator has triggered a bullish flag.
- The 4-hour chart shows that the bullish momentum has cooled off slightly.
Another altcoin recovering nicely from the FTX meltdown is XRP. According to the crypto market tracking website CoinMarketCap, XRP is currently trading hands at $0.4029 after a 2.83% increase in price over the last day. The crypto is also still in the green by more than 6% over the last seven days.
Looking at the daily chart for XRP/USDT, the price of XRP is trading above the daily 9 and 20 EMA lines, and is currently facing some resistance at $0.4098. Should XRP’s price successfully flip the resistance level into support, then its next target will be $0.4465.
The daily RSI indicator has triggered a bullish flag with the RSI line positioned above the RSI SMA line. In addition to this, the RSI line is sloped slightly positive, which could be an early sign of a bullish move.
Although the daily chart for XRP is bullish, the 4-hour chart shows that the bullish momentum has cooled off slightly as the remittance token’s price has retraced a bit after a multi-candle positive sequence. Should XRP’s price be dragged down further by bears, then it will likely drop to the 4-hour 9 EMA level – around $0.3973.
Even if there is a retracement on the 4-hour chart, the bullish momentum present on the daily chart will still result in XRP’s price rising over the coming days.
This bullish thesis is supported by the relative positions of the 9 and 20 EMA lines, as well as the RSI and RSI SMA lines, on XRP’s 4-hour chart.
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