- The price of XRP has risen 1.85% over the last 24 hours.
- XRP’s price is currently being held up by the 4-hour 9 EMA line.
- Crypto Tony suggests waiting for the EQ level to be flipped into support before going long.
The price of Ripple (XRP) has risen 1.85% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the remittance token’s price stands at $0.3904.
The price of XRP is currently in a price channel on the 4-hour chart. The upper bound of the channel is at $0.4180 and the lower bound of the channel is at $0.3733. The altcoin’s price attempted to break above the equilibrium (EQ) of the channel at $0.3958 over the last 16 hours but was unable to do so, as can be seen by the 3-red-candle sequence.
XRP’s price is currently being held up by the 4-hour 9 EMA line, which is currently positioned above the 4-hour 20 EMA line. This suggests that there is still bullish momentum present that could result in another test at the EQ level.
The crypto analyst, Crypto Tony (@CryptoTony__) tweeted his take on the current scenario seen on XRP’s 4-hour chart. According to the analyst, he is waiting for a long opportunity that will be present once its price advances “over the EQ for an entry”.
Crypto Tony added that he is waiting for the EQ level of the current price channel to be flipped into support before he enters into a long position for XPR/USDT, as the price “can easily wickup into the range EQ and reject”.
The current slope of the 4-hour RSI suggests that this move above the EQ level will not take place any time soon, and if the 4-hour 9 EMA fails to hold then XRP’s price will drop towards the 4-hour 20 EMA level around $0.3869.
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