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Sunday, April 14, 2024

Ripple (XRP) Bull Run Hinging on This Major Resistance Level (Analysis)

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XRP is just under a key resistance. Will it break above it?

Key Support levels: $0.43

Key Resistance levels: $0.54, $0.68

1. Resistance Under Pressure

The price is right under the resistance at 54 cents. If buyers break this level, then XRP has a good chance to rally higher towards the next target at 68 cents. Momentum favors bulls, but more buy volume is needed to break through.

Chart by TradingView

2. Indicators Turning Bullish

The momentum indicators are giving a bullish bias. For example, the two-day MACD did a bullish cross today. This highlights that buyers have the upper hand and could soon take XRP higher.

Chart by TradingView

3. Daily RSI Makes a Higher High

The daily RSI has made a higher high. This is an early signal that this cryptocurrency wants to move higher. The key resistance at 54 cents is the only thing stopping buyers from pushing XRP into a rally.

Chart by TradingView

The bias will change to bullish as soon as the key resistance at 54 cents is turned into a support. At that point, XRP is likely to make new highs and aim for 68 cents next.

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