coinedition.com 01 October 2024 22:00, UTC

XRP is gaining traction as technical indicators point to potential bullish momentum. Over the past few weeks, the price of XRP has moved within a well-defined upward trend, suggesting a breakout may be coming.

According to data from CoinMarketCap, XRP is currently trading at around $0.633, recording an increase of 1.06% in price, with a trading volume of over $1.48 billion over the last day.

XRP’s Price Action and Technical Patterns

XRP’s long-term price chart shows an increasing trend dating back to 2014. Analyst JackTheRippler highlighted that XRP is hovering around the middle of this channel, currently consolidating in a symmetrical triangle pattern.

Additionally, the Bollinger Bands on the chart show that XRP recently reached the lower band, suggesting oversold conditions, followed by a rebound.

This is supported by the William %R oscillator, which shows that XRP is recovering from the oversold zone, historically a signal to strong upward movements.

Over the past 24 hours, XRP’s price has experienced changes, dropping to as low as $0.614 before recovering to around $0.632. This uncertain movement aligns with cautious views among traders, though the following rally indicates renewed buying interest in the asset.

XRP rose to $0.6279, followed by a sharp decline overnight. Then, strong upward momentum occurred at around 10:30 AM, bringing the price back to $0.630.

The Moving Average Convergence Divergence (MACD) on the Binance exchange displays that the line has crossed above the signal line. Additionally, the MACD histogram has stayed positive, raising the possibility of an upward movement.

The Relative Strength Index (RSI) currently stands at 62.46, showing that the market is not yet in the overbought zone.