$XRP
🚨Technical outlook: XRP upholds bullish structure🚨
XRP price has broken above a descending channel on the 4-hour chart, extending the rebound from support tested at $2.72 on Sunday. The cross-border money remittance token also holds above key technical levels, including the 100-period Exponential Moving Average (EMA) at $3.03, the 50-period EMA at $3.01 and the 200-period EMA at $2.93, underscoring the short-term bullish structure.
Investors may consider increasing exposure, citing a buy signal from the Moving Average Convergence Divergence (MACD) indicator. If the blue MACD line remains above the red signal line, XRP could extend the recovery, aiming for the short-term hurdle at $3.10, which was tested on Tuesday, and the seller congestion at $3.32, tested on July 28.
If sentiment shifts in the broader cryptocurrency market, recovery could be suppressed and even result in XRP price slipping below support at $3.00. Key levels of interest for traders are the 200-period EMA at $2.93 and the support at $2.72, tested on Sunday.