XRP Price Analysis: Is XRP Immune to CPI?
- XRP price is currently hovering around $0.6348, facing resistance at $0.65.
- Despite the release of the United States Consumer Price Index (CPI) data, XRP, Bitcoin, and Ethereum are trading flat.
- The CPI numbers for July showed a modest increase of 0.2%.
- It is unlikely that the Federal Reserve will hike interest rates in September.
- Analysts and investors are puzzled by the lack of movement in crypto prices.
XRP Buying Opportunity: Analyst Predicts Bullish Eruption
- An analyst on Twitter predicts a potential bullish eruption in XRP price.
- A rebound has started from the support level at $0.62.
- The analyst compares the current market structure to 2017 before the bull run that took XRP to $3.40.
Technical Analysis Supports Bullish Sentiment for XRP
- Traders are acclimatizing to the ongoing recovery based on the SuperTrend indicator.
- The SuperTrend indicator has flipped bullish after facing selling pressure and rejection at $0.93 in July.
- The path of least resistance is to the upside, with resistance at $0.65 formed by the 50-day and 100-day EMAs.
- The MACD indicator also signals increasing demand for XRP.
- If XRP can sustain an uptrend above $0.65, it could rally to $1.
Hot Take
XRP’s price has been stagnant despite the release of CPI data and market expectations. However, technical indicators suggest a potential bullish eruption and a buying opportunity for XRP. Traders are looking for a sustained uptrend above $0.65 to confirm a rally towards $1. Overall, the market sentiment for XRP remains cautiously optimistic.
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