LONDON (IT BOLTWISE) – Cryptocurrency XRP is showing signs of recovery after recently falling into oversold territory. Technical indicators point to a possible trend reversal, which could be further supported by the upcoming launch of an XRP ETF. This could push the price of XRP back towards $3 in the near future.
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The cryptocurrency XRP, which has been going through a consolidation phase in recent days, is now showing the first signs of recovery. After the price fell into oversold territory, technical indicators such as the Money Flow Index (MFI) and the Relative Strength Index (RSI) point to a possible trend reversal. These indicators signal that selling pressure is easing and buyers are starting to regain control.
Another positive factor for XRP is the upcoming launch of an XRP ETF by CanaryFunds. The removal of the delay change that gave the US Securities and Exchange Commission (SEC) control over the approval schedule has improved market sentiment. The ETF is scheduled to launch on November 13th, which could attract additional buying interest.
On the 4-hour chart, XRP has shown signs of a bullish reversal after a brief decline. The price recovered above the support at $2.39 and is now aiming to clear the resistance at $2.53. If this trend continues, XRP could test the upper boundary of its current trading range and potentially rise towards $3.
Technical analysis shows that the Moving Average Convergence Divergence (MACD) on the daily chart is printing green histogram bars, indicating building bullish momentum. This bullish crossover signals growing buying interest, while the Chaikin Money Flow (CMF) also indicates positive sentiment. If this trend continues, it could indicate a transition from cautious accumulation to active buying.
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