XRP Recovery Sparks Optimism: Why Might This Rally Be Just the Beginning?
Remarkably, XRP has recovered following a recent surge in the cryptocurrency market. While some altcoins, such as Ethereum (ETH), have not been able to participate in this campaign, XRP has seized the opportunity to rise 5.69% over the course of seven days to the $2.95 level. Analyst EGRAG Crypto has drawn attention to the level that XRP needs to close above in order for bulls to fully dominate the market during this recovery attempt. He described the recent correction that sent XRP plunging to a low of $2.7 earlier this month as a throwback in his research.
Can Bulls Push Through the 33-Day SMA?
EGRAG states that in order for a recovery effort to take hold, XRP needs to close above the $2.94 price level and break above the 33-day simple moving average (SMA). He will see this as a first indication that the bulls are beginning to gain control. It’s interesting to note that yesterday, XRP only met one requirement. It finished on September 8 at $2.9694, which is a little bit higher than $2.94. This was the highest intraday close since September and the highest in the last two weeks. Nevertheless, XRP has not yet risen over the 33-day SMA, even though it closed above the $2.94 level indicated by EGRAG.
At the moment, XRP is trading at $2.9616, and the 33-day SMA is at $2.9853. According to EGRAG’s analysis, before the market may notice indications that the bulls are taking back control, XRP needs to move over $2.985, which corresponds to the 33-day SMA and effectively reclaims the $3 mark. Should this occur, XRP would be on course to complete the flashback, the analyst said. He affirmed that the $2.7 low from September 1 would be the bottom of the most recent correction or flashback if the market continues on this path.
XRP Price Nears $3: Can It Overcome Key SMA Levels?
He went on to say that a push above the 55-day SMA would be a further indication that the market is turning bullish if XRP breaks the 33-day SMA. This moving average is currently at $3.066 and is the next critical mark, following the 33 SMA. Nevertheless, he cautioned that despite the current recovery effort, the ongoing flashback might continue.
For more up-to-date crypto news, you can follow Crypto Data Space.
