By Mark Ackman
On September 28, the trading price of XRP recorded a significant push as its value rebounded off the $0.43 (20-day EMA) price level.
Change in Investor Sentiments
Initially, the sentiments of the investors were in the bearish territory. This meant that the bears were selling XRP as its price reached a higher level experiencing a rally.
As the sentiments of the investors were bearish, they sold XRP whenever a strong rally was formed. However, the trend has now changed and the investors’ sentiments are in bullish territory.
This is an indication that the trading price of XRP would rise as the bulls would buy the dips. Now, whenever the bears form a strong selling spree and pull XRP’s price, the bulls would push it with strong buying sentiments.
Bears May not Give up Easily
Despite the strong buying of the bulls, the fact cannot be ignored that the bears are stronger in power. The bears may be gearing up for another stronger selling spree.
Therefore, the bulls shouldn’t take lightly the bears as they can start selling XRP very aggressively.
Bears to Stall the Rally
While pushing the trading price of XRP, the bulls must keep in mind they may start facing strong resistance starting from $0.52.
The bears would continue resisting the buying efforts of the bulls until they reach a high price of $0.56.
This is a zone where the bulls would continue facing strong resistance from the bears. Pushing XRP over a particular level may prove promising for the bulls in the long run.
XRP Maybe Destined to hit $0.66
Given the current situation of XRP in the market, its trading price may move on the upper trend line. The investors may continue pushing XRP’s price as they currently have strong bullish sentiments to push its price higher.
As the price of XRP clears the strong resistance at $0.56, they will have another opportunity of continuing with the rally. If the rally continues, then the trading price of XRP/USDT may get pushed up to a high of $0.66.
On the Contrary…
If the trading price of XRP falls below the $0.52 barrier, then its value may continue to plummet. This is because the bears would gain stronger selling momentum than the bulls.
They may continue pulling XRP’s price lower and the trend may continue. If the situation does not change surrounding XRP, then its trading price may continue declining.
If the selling pressure keeps on increasing, then the trading price of XRP may fall below $0.41. If the momentum is not lost, then more decline would come in for XRP.