XRP short-term Price Analysis: 24 October

Sunday 25 October 2020, 1:25 AM AEST - 1 month ago

XRPs price broke out of a temporary period of consolidation, with the cryptocurrency, over the past week, establishing a strong uptrend just like many altcoins in the market. However, the question remains whether or not the present bullish momentum in the market will sustain itself and help improve XRPs price.

At press time, XRP was being traded at $0.254, with the cryptocurrency having a market capitalization of $11.4 billion. Over the course of the previous week, XRP saw its price appreciate by close to 5 percent, with the crypto noting trading volume worth $1.8 billion.

XRP 1-hour chart

1-7.pngSource: XRP/USD, TradingView

According to XRPs 1-hour chart, over the course of the previous week, the cryptocurrencys price formed an ascending channel formation trading between $0.247 and $0.259. Its press time trading price was close to its immediate support at $0.251. While the traditional breakout of an ascending channel formation is likely to result in a price correction, in the short-term, there is a high possibility that XRPs price action is going to remain within the formation.

In the next 24-48 hours, if the price action remains within the ascending channel, then the price may head to its immediate resistance level between $0.259 and $0.263.

2-6.pngSource: XRP/USD, TradingView

Such a possibility is supported by the technical indicators for XRP. The MACD line continued to hover over the signal line and continued the bullish crossover that took place earlier in the day. The RSI indicator also underlined bullish momentum as it was heading towards the overbought zone after remaining around the neutral 50-zone for some time.

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