1 month ago
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XRP has held its ground above the $0.50 support level despite an 8% slump in price from October 21 to 25. The bulls have been able to prevent further slippage since Saturday, October 26, and instead fueled a slight bounce that might give XRP some price momentum within the next few days.
This is not the first time XRP has bounced off this level, only to meet fresh selling pressure in subsequent days. Market onlookers now debate whether the current rebound signals a sustainable recovery or another pullback.
Ripple Sentiment Turns Positive
Data from analytics firm Santiment shows an uptick in market sentiment around XRP, moving out of a previously negative zone. Rising sentiment typically signals renewed optimism from traders and long-term holders, potentially driving increased demand for the asset. If this optimism persists, it may boost buying pressure and further support XRP’s price.
While positive sentiment can be a good indicator, constant buying pressure is what sustains an uptrend. A shift in sentiment should therefore combine with buyer activity to strengthen XRP’s support at $0.50 and push prices toward higher levels.
Technical Indicators Support Bulls’ Strength
The 4-hour chart reveals strong commitment from XRP bulls, according to the Bull Bear Power (BBP) indicator, which measures the balance of buying and selling pressure. Currently, the BBP indicator shows bullish control over the market. If it remains in positive territory, it suggests that the uptrend might continue. However, any decrease in BBP could signal weakening buyer strength and potentially lead to a retracement.
For now, with XRP bulls keeping the BBP above neutral, a break through near-term resistance could be on the horizon.
XRP Price Forecast: Eyes on $0.60 Target
On the daily chart, XRP recently dropped below its 20-day Exponential Moving Average (EMA). This is often a bearish indicator in the short term. A recovery above this level could signal a shift back toward bullish control. If this happens, XRP may then target the next resistance around the 50 EMA at $0.55. Breaking through this threshold could lead to further gains, potentially driving XRP toward the $0.60 mark.
However, if bears prevent a rise beyond $0.55, the bearish case could still play out, with prices potentially slipping to $0.49.
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