warning: The results of the following analysis are the author’s opinions only and should not be considered investment advice
- XRP Finds Strong Motivation To Recover From The $0.44 Support Level, Can Buyers Maintain Rise?
- Altcoins’ MVRV Ratio and Funding Ratio Confirmed Increased Buying Pressure Lately
The bullish effort to break the limit of the 200 EMA (green) came to fruition next XRP It was breached above this level after an extended pressure phase.
Here AMBCryptos XRP Price Prediction for 2023-24
The recent bullish recovery has created a bullish bullish bar on the daily chart. A possible bullish crossover of the 20/200 EMA may confirm an increase in the uptrend in the upcoming sessions.
At the time of writing, XRP is trading at $0.4887, up 7.77% in the last 24 hours.
XRP Jumped Above the 200 Day EMA, Will Bears Intervene?
After pressing in the $0.3-$0.38 range for more than three months, XRP revealed mixed investor sentiment while buyers showed mixed feelings about its ongoing experience.
Developments over the past month have reignited some of the bullish pressure that helped buyers challenge the exponential moving averages.
Meanwhile, the altcoin has seen rebound trends from 50 EMA (cyan) for more than two weeks. Another recovery from this support triggered a breakout above the 200 EMA and 1-month trendline resistance (white, dashed).
A sustained position above the 200 EMA could open the door to a short term rally. Buyers will try to retest the $0.53 level. A possible golden cross on the charts may confirm the uptrend.
With that said, a dip below the 20/200 EMA may revive selling pressures. In this case, the first major support will be in the $0.44 region.
Chaikin Money Flow (CMF) rebounded above zero to confirm bullish momentum in the market. In addition, its higher lows diverged bullishly with price action.
MVRV analysis and funding rates revealed this
Since the end of September, XRP’s MVRV ratio (30d) has been in sharp decline. Despite the recent growth, the ratio led to an improvement as it turned positive. Similarly, the fundraising rate of the coin on Binance has turned positive in the last 24 hours.
Buyers should monitor a potential drop in funding rates to gauge sentiment in the futures market.
Objectives and triggers will remain as discussed. Finally, buyers should consider Bitcoin movement and its effects on the broader market to make a profitable move.