XRP was top gainer in past week as its price rose by as much as 50%
XRP price may have rejected a sell signal on its 12-hours chart as it posted a rally after falling to a low of $0.47 on September 24. At the time of publication, XRP is up 2.43% and 32.96 in the past 24 hours. % at $0.50 from last week against the backdrop of other crypto assets, which were recording losses at press time.
According to crypto analyst Ali, TD Sequential presented a sell signal in the form of a green nine candlestick on the XRP 12-hour chart, which suggested an impending selloff in the XRP price.
XRP was one of the biggest gainers in the past week as its price surged up to 50% following a surge in trader optimism and whale movement. As the bulls gained momentum, XRP climbed above the daily MA 200 ($0.48) barrier on September 23, reaching an intraday high of $0.55. This was met with a sale as the bears tried to trap the enthusiastic bulls, but buyers had another idea. He took advantage of the fall and pushed the price of XRP above the overhead barrier once again.
While profit-taking cannot be ruled out in the short term as the sharp move pushed the RSI into overbought territory, bulls may attempt to flip the $0.48 level into support. If the bulls are successful in their endeavor, a bull pennant might result consequently. Pennants are continuation chart patterns formed after strong moves. After a big upward or downward move, buyers or sellers typically take a breather before taking the price further in the same direction.
More buyers or sellers typically opt to engage in a strong move while the price is still consolidating, forcing the price out of the pennant formation. The daily RSI, which is now overbought at around 70, however, could portray a slight correction or consolidation in the near term.
Price frequently returns to the breakout level after breaking out of a range. In this instance, the price might seek a retest of the $0.41 level. On the other hand, if buyers continue to gain the upper hand and the XRP price rises above $0.55, bulls might target $0.66 next.
