XRP price breaks out of range with a 25% rally, but why?
XRP attracts buyers after the hope of a positive court ruling triggers a 25% rally above a key longer term resistance level.
XRP Price At $0.40, Can It Hold Onto Its Bullish Revival?
At the time of writing, the XRP price noticed upward movement on its chart. After the asset consolidated for a few days, it finally travelled north.
Over the last 24 hours, the XRP price registered a 6% appreciation. In the past week, the coin has rallied by over 20%.
Buyers were attempting to push the price up, and they finally succeeded over the last 24 hours.
XRP was stuck at the $ 0.38 price mark for a considerably long period of time, but buyers rescued the altcoin despite broader market weakness.
Continued pressure from the buyers could make XRP move past its immediate resistance, which would make it invalidate its bearish thesis.
On the other hand, if the bulls fail to defend the present price level, then the sellers will take over.
If the sellers take over, then XRP could be pushed close to the $ 0.30 price mark. At the current moment, XRP rests in a crucial support zone.
XRP Price Analysis: One Day Chart XRP was priced at $ 0.40 on the one-day chart | Source: XRPUSD on TradingView
The altcoin was trading at $ 0.40 at the time of writing. The XRP price had witnessed weeks of consolidation on its chart. Finally, buyers pushed the price above the next resistance mark.
Over the past week, XRP has broken past many resistance lines.
The immediate price ceiling for the coin rests at $ 0.44 as the altcoin has had difficulty moving past that price level for multiple months now.
On the flip side, the closest support to XRP was at $ 0.38, and a fall from that level would bring XRP to $ 0.30.
If buyers remain steady, then XRP could push past $ 0.42 with a chance of toppling above the tough resistance of $ 0.44.
The amount of XRP traded in the last session declined slightly, indicating that the number of buyers also dropped to a small extent.
Technical Analysis XRP witnessed a surge in buying strength on the one-day chart | Source: XRPUSD on TradingView
Buying strength recovered considerably over the last week, which slowly helped XRP travel upwards on its chart.
The Relative Strength Index was almost about to touch the overbought zone but it noted a downtick. Despite the downtick, buyers have substantially outnumbered sellers in the market.
Usually, an increased number of buyers creates a price pullback. In the event of that, XRP could rest at $ 0.38 before it picks up momentum again.
The XRP price was above the 20-SMA line, which signalled that buyers were driving the price momentum in the market.
XRP registered buy signal on the one day chart | Source: XRPUSD on TradingView
The altcoin seems to be registering an increased buy signal on the one-day chart. Moving Average Convergence Divergence depicts the market momentum and the price action of the altcoin.
The MACD underwent a bullish crossover and formed green signal bars, which were buy signal for the coin. The increase in the size of the signal bars indicates that XRP will travel up on its chart.
The Parabolic SAR also determines the overall market direction, and the dotted lines below the price candlestick signify bullish momentum.
Featured image from Pixabay, Chart: TradingView.com
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Solana Price Trades Laterally, What Could Be The Next Level?
Solana price has been volatile over the last week, with no significant change in the last 24 hours. In the last week, SOL fell by 6%. At the moment, the Solana price is neither swaying towards the bullish zone nor the bearish territory.
The technical outlook for the altcoin has flashed mixed signals. Broader market weakness could be attributed to the altcoin’s mundane price action.
Bitcoin slipped below the $ 20,000 mark and many other prominent altcoins also travelled south.
Buying strength on Solana’s daily chart remains in the negative with chances of it dropping on its chart further. The bulls are also trying hard to defend the $ 29 price mark.
A fall below the aforementioned level could push SOL into a bearish pit.
Solana prices had recently formed a rounding bottom, making buyers enthusiastic about its next price movement. However, the coin could not hold onto the bullish anticipation. The global cryptocurrency market cap today is $ 1 trillion, with a 0.1% negative change in the last 24 hours.
Solana Price Analysis: One Day Chart Solana was priced at $ 33 on the one-day chart | Source: SOLUSD on TradingView
SOL was trading at $ 33 at the time of writing. The bulls had surrendered to the $ 37 price level and caused the price to fall to its next support line.
At the moment, the bulls are trying to defend the price of the altcoin at $ 29. The overhead resistance for the coin stood at $ 37.
If SOL moves past the $ 37 mark, the coin can attempt to trade near the $ 40 price mark. On the flip side, one push from the bears will make Solana land at $ 27.
The amount of SOL traded in the last session declined slightly, indicating that the number of buyers had slightly declined.
Technical Analysis Solana registered less buying strength on the one-day chart | Source: SOLUSD on TradingView
SOL flashed declining buying strength on the one-day chart. Over the last 24 hours, Solana however noted a small uptick in buying strength depicting that buying strength was returning to the market.
The Relative Strength Index was seen below the half-line which meant that sellers were more in number as compared to buyers.
Solana price was below the 20-SMA which corresponded with decreased buying strength and that sellers were driving the price momentum in the market.
Solana flashed sell signal on the one-day chart | Source: SOLUSD on TradingView
The technical indicators for the Solana price pointed towards a mixed signal. Some indicators indicated the onset of positive price action while the other ones continued to remain negative.
Moving Average Convergence Divergence signals the market’s momentum and change in price action.
The MACD underwent a bearish crossover and pointed towards a sell signal for the coin. Chaikin Money Flow is responsible for measuring capital inflows and outflows at a given point in time.
CMF was peeking above the half-line, which showed that capital inflows were more than outflows at the time of writing.
Featured image from GOBankingRates, Chart: TradingView.com
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The crypto market has recorded massive losses since May 2022. After the Federal Reserve announced and kicked off interest rate hikes, prices tanked due to selling pressure. Many crypto investors and operators of diverse solutions have faced different crises from market moves.
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The popular crypto analysts going by the pseudonym Capo with 517,100 followers have predicted that BTC might plunge between $ 16K to $ 14K before rebounding. Capo believes that this price, indicating a 21% and 31% price reduction, will be its main downside target if the key support level falls.
Other pointers from Capo show a possible BTC bounce to $ 23K from its current price of around$ 20K price level.
Capo stated that this price might lead to Bitcoin bottoming out to the predicted price levels. Also, the analysts pointed out that BTC’s current pivot is $ 21K. If it makes a clean break below that level, it will fall to $ 19K.
A break below $ 19K will push the coin to its target of $ 14K to $ 16K, the last lowest point.
For now, the BTC price might rise to $ 23K, but Capo advised Twitter followers not to be bullish.
Capo analyzed BTC’s recent price of $ 20,122.54 from its highest point in August. The result shows a 10% loss, leading to the next prediction that Bitcoin might target a resistance level between $ 22.5K and $ 23K.
The resistance zone, as indicated above, could lead to a lower high or a quick swing to $ 23K. By that, Capo sees an opportunity to go short since the movement will still be bearish.
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Data shows that miners moved 10.4537 BTC hourly as of September 14. Such massive moves were recorded between July and August 2022 before BTC fell.
CryptoQuant analysts predict that the current move will lead to price volatility beyond what the market has recorded.
The transfer of BTC holdings to spot exchanges usually indicate a willingness to sell. As a result, supply will exceed demand, causing a price plunge. The analysts linked the miners’ action to the Merge today, September 15.
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Featured image from Pixabay and chart from TradingView.com
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