Ripple (XRP) Price Analysis Shows Signs of Trend Reversal

IconCryptoNewsTerminal Staff25 Aug, 2024

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Ripple (XRP) Price Analysis Shows Signs of Trend Reversal

Ripple (XRP) Price Analysis On-chain indicators suggest a potential trend reversal for Ripple (XRP), according to an analysis by Cryptobasic. Analyst EGRAG noted that XRP has been trading sideways, establishing bearish momentum near the 7-day moving average. However, the 25-day and 99-day moving averages remain bullish. In a recent correction, the Relative Strength Index (RSI) entered the oversold zone, which can indicate a bottom signal. Overall, the indicators point to a possible price reversal for XRP. However, traders should carefully consider the market conditions and wait for confirmation of a sustained uptrend before making trading decisions.