Expert discloses crucial XRP price levels for ‘shorts and longs’ as gains accelerate
As the cryptocurrency market as a whole experiences short-term increases, XRP is one of its assets that follows suit, prompting crypto specialists to discuss the important price levels to monitor.
Indeed, cryptocurrency trading specialist Michal van de Poppe evaluated the price activity of XRP and provided his assessment of the token’s support and resistance lines in a September 11 tweet.
According to van de Poppe’s technical analysis, resistance for shorts might be around $0.38. Alternatively, if the market falls back, he will be looking at $0.335 for longs, supporting his belief that “everything is fluctuating and between levels.”
As previously reported by Finbold, XRP has achieved short-term gains in recent days, with a 10% weekly increase, as investors search for evidence of a bottom after weeks of prolonged negative price movement.
CoinMarketCap’s crypto community published an optimistic forecast for XRP’s price in late August, stating that more than 1,100 members believe XRP would trade at an average price of $0.49 by the end of September 2022.
This forecast sits at $0.466 at the time of publication, which is 31.14% or $0.1107 greater than the price of this decentralized finance (DeFi) coin at the time of publication.
At the time of publication, XRP was trading at $0.3559, representing a rise of 0.03% on the day and 8.95% over the preceding seven days, indicating consistent growth.
According to statistics gathered from CoinMarketCap, the current market capitalization of XRP is $17.06 billion, making it the seventh-largest cryptocurrency by this metric.
Lastly, as XRP grows, it is important to note that Finbold has determined that the top 10 addresses own 73% of all tokens or almost three-quarters of all XRP currencies.