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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 31, 2023 07:24 UTC
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XRP Price Analysis: XRP Tops $0.55, Eyes A Rally To $0.72!
XRP price jumps with the news of the SEC abandoning charges against the Ripple Labs executives.
The bullish reversal tests the death cross and attempts to regain bullish alignment in the crucial EMAs.
A rally continuation above $0.55 will increase the XRP price to $0.70.
As Bitcoin struggles to overcome the $35K barrier, the altcoins remain optimistic and tease a strong comeback. XRP price trend shows a similar positive trend in motion as it exceeds the $0.55 mark and reclaims the 50-day EMA.
Continuing the prevailing uptrend, the XRP price gives a 71% year-to-date growth and teases a positive continuation. Moreover, the Ripple price prediction showcases a sharp increase in trend momentum to create a new 2023 high and reclaim $1.
Breaking above the recent pullback resistance trendline, the XRP price showcases a strong reversal rally from the $0.45 mark. With a 19.72% in the last two weeks, Ripple continues the higher high trend formation.
Further, the comeback rally overcomes the $0.52 supply zone and continues the uptrend with a successful post-retest reversal. Currently, the XRP price trades at $0.5718 with an intraday fall of 1.17% as the overall market corrects.
Moreover, the bullish reversal in Ripple prices teases an uptrend to challenge the $0.65 supply zone and complete a rounding bottom. In such a case, the bullish breakout chances will increase significantly.
Technical Indicators:
MACD indicator: The MACD and signal lines are rising higher with short hiccups in the bullish histograms. Overall, the momentum indicator remains optimistic about the upcoming XRP price trend.
EMA: The intertwined 50-day and 200-day EMA continues to regain bullish alignment as the uptrend gains momentum.
Will The XRP Price Cross Above $0.65?
As the overall sentiments improve in the crypto market, the XRP price continues to rise and regain bullish momentum. Reclaiming the $0.55 mark, the rounding bottom pattern promises a bounce to $0.65.
Moreover, the high momentum uptrend with improving market conditions teases a bullish break to reach the $0.72 mark.
On the flip side, a reversal from $0.65 will put the buyers at risk and hint at a drop to $0.52.
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