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Bullish Momentum returned to XRP in the last 24 hours, with the cryptocurrency now reclaiming the price level of $ 2.5. This bullish momentum is coming After a seven -day rack From reach consolidation between resistance to $ 2.5 and support for $ 2.3. Despite this consolidation of the price, technical analysis shows that XRP is still acting in a bullish setup, especially on daily candlestick time. This bullish setup in particular shows that the XRP price is about to make A new all time high run to $ 5.
Bullish RSI Divergency and strong support are the scene
Technical analysis of The XRP price, which is placed on the TradingView platform, shows that the cryptocurrency is about to be a maximum increase in the coming weeks. Technical indicators play a crucial role in these prospects, which is currently Bullish, despite the recent prices.
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Such a technical indicator is the Relative strength -Index (RSI)Who measures the momentum in price movements. For example, the RSI flashes a bullish divergence on the daily period. This happens when the RSI makes higher lows, while price action creates lower lows, which is a signal of reversal upwards.
In addition, technical analysis shows that, despite the price, XRP has succeeded in retaining the strong support at $ 2. The ability of XRP to keep above support means that the recent sales pressure was not an XRP price weakness as many expect , but only a consequence of a wider decline in the entire cryptomarket. With the Bullish structure intact and sales pressure that is purchasing, it remains active in a strong position for a renewed rally, with a purpose of $ 5 in sight.
Can Xrp break its all-time high breaking and rally to $ 5?
The all-time high of XRP remains at $ 3.40 and has had to return to this price level since January 7, 2018. However, the Altcoin has been one of the best artists this cycle, and these of all time may not be long. In a recent rally, the cryptocurrency rose to $ 3.36, only to experience a sharp rejection of bearish resistance just before he breaks new land.
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A move to $ 5 would not only mark a new of all time, but also solid XRP as the best performer this cycle. However, the path to this milestone will require the cryptocurrency overcome important resistance zones, Especially around $ 2.8 and $ 3 levels, where the sales pressure has shot this cycle.
At the time of writing, XRP acts at $ 2.51, with around 4.5% in the last 24 hours. When Bullish Momentum continues To build these barriers and XRP successfully knew, the projected price target of $ 5 can be within reach.
Featured image of Adobe Stock, Chart van TradingView.com