According to the price analysis by Peter Smith, a financial analyst at dagx.live crypto trading platform, after staying below the 20-day EMA for the past few days, XRP has made a decisive move and risen above the 50-day SMA with force. This shows that lower levels have seen accumulation by stronger hands.
If the price sustains above the 50-day SMA, it will increase the possibility of a move to $0.34229. Therefore, traders can buy on a close above the 50-day SMA and not wait for the price to break out and close above $0.27795. The stop loss can be kept at $0.215.
Smith’s bullish view will be invalidated if the XRP/USD pair turns down and plummets below $0.215. However, we give it a low probability of occurring.