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Price action in the XRP/USDT market has seen an upside rebound off the support at the $0.400 price level. The extension of the upside correction has brought the market above some important technical landmarks. Technical indicators are still suggesting that the market may rise further.
Key Price Levels:
Resistance: $0.5500, $0.6000, and $0.6500 Support: $0.5000, $0.4500, and $0.4000
Bullish Momentum Steadily Increases in the XRP/USDT
The support at the $0.400 mark in the XRP market has proven strong. This can be seen as price action bounced off it and has gained increasing upward momentum. Price action has begun testing the resistance at the 100-day Exponential Moving Average (EMA) curve. It appears that the market only briefly dipped below this indicator line.
This suggests that downward forces are weakening in response to upside gains. Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are still traveling on an upward path. Technically, this maintains the hope that upside forces may still be strong enough to keep the price in positive territory.
XRP Soars Past Positive Technical Landmarks
Looking at the XRP/USDT 4-hour chart, it can be seen that price activity has surged past all the EMA curves. The current session candle, while breaking through the $0.5000 price level, still has a significantly large body despite some recent downward movement. Meanwhile, the EMA lines converge, all below the current price. This indicates that upside momentum may gain more strength.
Additionally, the SRSI indicator lines are seen progressing further upwards following an upside crossover just above the 80 mark of the indicator. Bullish crypto signals may still be valid in this market, with the $0.5500 mark as a potential target. However, traders should be aware of the potential impact of downward forces in the ongoing session.
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