After undergoing eight months of decline, Ripple found support and regained strength. The market is currently bullish on the daily chart following a 50% increase this week but is yet to break out of the structure.
The past month of trading saw XRP through its highest buying volatile period since the start of the year. Although it resumed selling last week and attempted to break lower but the bulls intercepted the move at $0.43.
That interception brought a strong recovery this week and the buying pressure resumed at full speed. It is currently priced at $0.61 after facing a tough resistance yesterday.
From a technical standpoint, XRP’s sentiment is now turning bullish on the daily chart following the latest weekly bounce. As we can see, the price is on the verge of breaking out of last month’s high. A breakout of this high should confirm a short-term shift in the market structure.
Another indicator to watch for a potential bullish move is the recent daily candle formation, which is now becoming bigger. This indicates a high-volume inflow. The price could explode massively in the future.
Considering the latest price bounce, which brought the bulls back into the market, the bears may suffer more losses if the price breaks higher. As of now, it appears to have established a base support above the $0.4 level.
XRP’s Key Level To Watch
The $0.65 resistance has become an obstacle level for the bulls in the last three weeks. If they push through this resistance, the $0.7 and $0.744 levels would be the next area of interest for buying.
Following the latest comeback, XRP is now trading well above the $0.57, $0.53 and $0.489 support levels. There are no signs of dropping at the moment.
Key Resistance Levels: $0.64, $0.7, $0.744
Key Support Levels: $0.57, $0.53, $0.489
- Spot Price: $0.616
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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