In the unpredictable realm of cryptocurrency, XRP is a noteworthy contender, as its trading volume now surpasses the $500 million mark daily. Amid prevailing negative sentiments, this surge prompts questions; could XRP be on the verge of bouncing back?
The price of XRP stands at $0.52255 as of October 7, despite a sizeable 24-hour trading volume surge that has crested over $500 million, specifically capping off at $574,496,492. This robust movement has resulted in a 0.50% leap in its value over the same time frame. The present standing of XRP, as per CoinMarketCap, is at rank #5, with its market capitalization estimated at a substantial $27.9 billion.
Delving into technical indicators from a 4-hour timeframe perspective, the pivot point for XRP/USD is currently $0.5170. Notable trading levels to highlight include immediate resistance at $0.5295, with additional resistance points at $0.5399 and $0.5489. Conversely, XRP boasts immediate support at $0.5055, and further aid at $0.4949 and $0.4864, a fact reassuring to speculators.
Investigating further, the Relative Strength Index (RSI) currently sits at 48 for XRP. For those unfamiliar, RSI values below 50 typically underline a bearish sentiment; however, anything above 50 suggests the opposite, hinting at bullish momentum. In XRP’s case, it’s slightly leaning towards bearish sentiment being just shy of the midpoint.
Adding another intriguing angle to the narrative, the chart patterns reveal an upward channel for XRP in the 4-hour timeframe, a bright neon sign for potential buyers. This ascending trend and the supporting evidence of the 50 EMA, all indicate a likely bullish trend continuation at the $0.5200 marker.
Though XRP appears to have its future intertwined significantly with the pivotal $0.5200 marker, overall sentiment suggests a bullish outlook above this price point. In the light of these ongoing trends and technical indicators, it’s reasonable to anticipate XRP testing resistance levels of $0.5400 or $0.5485 in days to come.
However, don’t overlook newly emerging altcoins, they can offer greater returns over a shorter period compared to veterans like XRP. Particularly, pre-sale tokens like TG.Casino’s TGC have exciting growth potential. In the span of two weeks since its pre-sale launch, TG.Casino pulled in over $600,000, displaying a growing interest from investors.
To join TG.Casino’s presale, investors can visit their official website. It offers a peek into the potential future of gambling platforms, leveraging the popular messaging app Telegram’s social influence. The TGC token holds promise for players and stakeholders, with a hard cap of 100 million, of which 40 million are allocated for the presale. Stepping into the world of cryptocurrency investing demands meticulous observation and strategic decision-making, especially in today’s highly volatile markets.
Source: Cryptonews
