Despite the mixed reactions, the token has demonstraten positive signs in recent trading activity. Further bolstering the bullish case, the Moving Average Convergence Divergence (MACD) indicator has recently switched to a bullish signal.
This technical indicator displays green histogram bars above the neutral line, signifying positive momentum in its price trend.
Renowned financial expert Gary Cardené hinted at an imminent XRP launch, sparking community speculation and excitement. This level hasn’t been tested as support for over a month.
Ultimately, the bulls aim to break through this resistance and reach the March 2024 peak of $0.7429.
However, the possibility of a correction cannot be disregarded. Proponents such as Zach Rector embraced Cardené’s tweet, while skeptics questioned the cryptocurrency’s value and potential growth. Technical indicators demonstrate positive momentum, with a recent price boost and bullish MACD signal.
Cardené’s infrequent forays into XRP commentary, with only three mentions this year and the last one six months prior, added a layer of intrigue to his latest post. In such a scenario, it could find support within the Fair Value Gap (FVG) ranging from $0.4780 to $0.5136. However, not everyone shares the bullish outlook. Notably, the cryptocurrency has been on an upward trajectory for the past week, with a 6.7% overall boost. At the time of writing, the price sits at $0.5544, marking a 2.60% boost in the last 24 hours.
Trading volume has also surged by 15.15%, reaching 1.93 billion. If the current momentum continues, XRP could face resistance at the September 29th high of $0.6649, a level not tested in over two weeks. He suggested Cardené was “trading his dollar for something even more worthless” by investing in the cryptocurrency, questioning the logic behind such a move.
Others resorted to humor, sharing memes suggesting it would remain stagnant around the $0.50 mark, dismissing the recent hype. Additionally, the September 6 low of $0.5000 could act as a potential support level if the price dips further. XRP supporters like Zach Rector took Cardené’s tweet as a sign of growing recognition, while John Eid echoed the sentiment, suggesting some investors are missing out on its potential due to complacency.
He believes XRP “is about to take off,” and only those willing to embrace change will benefit. Bitcoin advocate David Branscum interpreted Cardené’s tweet as a sign of reckless trading.
