$XRP XRP has shown a strong V-shaped recovery, bouncing aggressively from the 1.117 support zone. This clearly indicates strong bullish momentum.
What the chart is showing:
Price has closed above the MA(99) around 1.49, which is a bullish confirmation
MA(7) and MA(25) have crossed upward sharply, signaling strong upside momentum
The move is supported by a volume spike, making the breakout more reliable
RSI(6) is around 92, which means the market is extremely overbought
Key Levels to watch:
Immediate Resistance: 1.54 – 1.56
Major Resistance: 1.63
Immediate Support: 1.49 (MA99 zone)
Strong Support: 1.43 – 1.44
Important Insight: Momentum is very strong, but since RSI is highly overextended, a short-term pullback or consolidation is possible. Chasing price at this level can be risky.
Trading Bias:
Overall trend: Bullish
Short-term view: Pullback possible
Better strategy: Look for longs on a pullback, take partial profits near resistance
If price holds above 1.49, the next upside target could be 1.63.
If 1.49 breaks down, a correction toward 1.43 is likely.
Overall, the chart favors bulls, but risk management is key. 📈
#xrp #BOUNCEBACK