CandleFocus XRP Bulls Hold the Line at $0.50, Target Breakout Above Moving Averages
2024-10-29
Author: Content Editor
Ripple's XRP faced an 8% drop in price but has since rebounded after bulls defended the $0.50 support level. On-chain data suggests a more optimistic market outlook, which could lead to increased demand and price increases. The Bull Bear Power indicator shows that bulls are determined to sustain the uptrend. However, XRP needs to maintain buying pressure to confirm a continued uptrend. The price fell below the 20-day EMA but bulls regained the $0.50 support, offering a chance to break higher resistance zones. If buying pressure continues, XRP's price could rise to $0.55 and possibly $0.60 in the near term. On the other hand, if bears prevent XRP from rising above $0.55, the price could drop to $0.49.
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