XRP’s near-term trajectory can be dictated by the b…

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

XRP observed a transient range-bound oscillation in the $0.307-$0.367 zone that lasted nearly seven weeks. However, the altcoin’s gradual increase in buying pressure led to a bullish flip of the $0.36 support. This growth entailed an ascending channel in the daily timeframe.

Meanwhile, buyers were yet to find a convincing close beyond the supply zone (green, rectangle) to establish a robust bullish narrative. A close above this level could aid the buyers in continuing their spree.

At press time, XRP was trading at $0.3775, up by 1.96% in the last 24 hours.

Source: TradingView, XRP/USDT

The alt tested the $0.307-$0.309 multi-year-long support range multiple times over the last month. But the buyers held their grounds to lay a foundation for impressive growth over a span of three weeks.

While the supply zone constricted the buying power, the altcoin marked a recovery above its 20 EMA (red) and the 50 EMA (cyan). The current up-channel trajectory has propelled a test of this supply zone many times. The bulls might exploit weaknesses in this zone, especially with a bullish flag setup finding support near its EMAs.

The rebound from the $0.36 support level has positioned XRP to test the $0.408-zone. A close beyond the supply zone could trigger a near-term buying edge. To top it up, bullish flag setups are generally more effective on a decreasing volume trend. In the case of XRP, the volumes were on a downtrend during the flag setup.  

Source: TradingView, XRP/USDT

The Relative Strength Index’s (RSI) comfortable position above the 54-support could play out in favor of the buyers in the coming sessions.

Al