Plan to buy XRP? Here’s why it could be a ‘great timing’

Short-term price action is hard to predict in the cryptocurrency market due to its high volatility in a fast-changing environment. However, technical Analysis indicators can help crypto traders make decisions in their daily operations, although these indicators must not be considered in isolation while investing.

On October 12, the trader Alan Santana posted an XRP Ledger (XRP) Analysis on TradingView, suggesting it could be a good “entry timing” in the digital asset. XRP was trading at $0.48362 by that time, with a suggested “low” hit at $0.47399.

“Maybe an entry now can later be called “great timing”, it seems that a low has been hit.”

— Alan Santana
XRP/USD price chart analysis.
XRP/USD price chart analysis. Source: TradingView (Alan Santana)

Notably, following updates and new analyses by Santana also helped to validate its first perception of “great timing” for a short-term entry on XRP. According to the trader, this bullish bias is still valid as long as some chart conditions are kept.

XRP at a support zone heading towards $0.59 per token

Cryptocurrency

3 cryptocurrencies to buy under $1 next week

Cryptocurrency

How many people currently own XRP?

Cryptocurrency

Ripple v. SEC legal feud: No quick resolution in sight

Cryptocurrency

How many XRP do you need to be a millionaire?

Cryptocurrency

Ripple v. SEC: Agency wants $770M to settle XRP lawsuit

Alan Santana explained that XRP was able to break the 50-day and the 300-day exponential moving average (EMA), which were two strong resistance zones for Ripple’s project. 

Interestingly, these two exponential moving averages could become important support zones for the price of XRP. In this context, Santana points to validation for his theory with the token testing the 50-EMA in the 4-hour chart at around $0.53733 per XRP.

XRP/USD 4-hour chart.
XRP/USD 4-hour chart. Source: TradingView (Alan Santana)

“The bullish bias remains intact, and XRP is “loading” before a bullish continuation. (…) XRP is set to move higher in the short term (maximum within days), based on this chart. This Analysis would only become invalidated if prices crash strong and close below the “great entry/timing” low.”

— Alan Santana

As for the short-term target, Alan Santana has identified the 3.61 Fibonacci expansion at $0.59084 per token.

All things considered, the digital asset’s ability to meet the above analyst’s expectations will depend on further developments related to XRP and Ripple, as well as the general sentiment on the wider crypto and macroeconomic landscape.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

FTX Wallet Drainer Relentless: Bridges Another 5,624 ETH to BTC

CertiK Alert posted on October 4 that the FTX drainer bridged another 5,624 ETH to BTC. That follows a series of notifications of multiple activities by the hacker, recently. The latest amount adds to over 30,000 ETH already bridged by the FTX wallet drainer. CertiK Alert, a platform that provides real-time alerts about crypto hacks, posted on October 4 that the FTX drainer bridged another 5,624 ETH to BTC. That follows a series of notifications about the recent resurfacing of the hacker who stole a significant amount of funds from the defunct FTX exchange. #CertiKSkynetAlert The FTX drainer has bridged another 5,624 ETH to BTC Receiving wallets: Bc1q8…m7zcy Bc1qs…fyhdy Bc1q7…3tg27https://t.co/4J3l9hyvjX — CertiK Alert (@CertiKAlert) October 4, 2023 The recent alert comes after CertiK Alert had posted about the hacker bridging up to 30,000 ETH to BTC as of October 2, 2023. Over the weekend, the crypto industry observed renewed activity on the w...
Read more

Here’s how to prevent NFT theft, according to industry professionals

Image
Professionals working in the Web3 space highlighted various tools and best practices to protect NFTs from hackers and scammers. As nonfungible tokens (NFTs) attract more users, they also capture the eyes of scammers. Bad actors in Web3 have set their sights on digital collectibles, with millions being lost through scams and various attacks.  However, according to professionals working in the Web3 space, there are multiple ways and tools to prevent being a victim of NFT theft . In addition, users can also take various actions after losing their digital collectibles to hacks. Ronghui Gu, the co-founder and CEO of blockchain Security firm CertiK, told Cointelegraph that the first and most important step is always due diligence. “Avoid clicking on suspicious links and be very careful when signing token approvals,” Gu shared. Taking it a step further, the executive shared other best practices like periodically checking and revoking unneeded permissions and segregating NFTs into differen...
Read more

Sell the rumors… Buy hack announcements? Unibot retrospective

In the aftermath of a significant security breach affecting Unibot (UNIBOT), an unexpected twist in market psychology surfaced. A leading analyst on prominent crypto analytics platform Santiment dissected the curious case of Unibot price action following a hack, challenging the old adage of “sell the rumor , buy the news.” He wrote: Panic creeps in, you start getting doubts (especially having experience multiple blowups of projects before), maybe it’s just better to sell and wait it out? Looks like many UNIBOT holders felt those kind of feelings in the recent days. On Oct. 31st, a capitulation event was observed for Unibot as long-standing coins changed hands in response to panic stemming from a cryptic tweet by the coin’s developers. The subsequent sell-off resulted in the largest transaction volume spike for Unibot, accompanied by a noticeable increase in active addresses — a movement tracked closely by Santiment’s tools. If you read any UNIBOT-rel...
Read more