- XRP was strongly bullish after crossing $ 0.3. Over the past few days, XRP’s rise to $ 0.75 met a hurdle after a healthy retracement, followed by recovery. XRP is knocking on the doors of the $ 0.62 resistance level and could rise soon.
XRP was strongly bullish after crossing $ 0.3. Over the past few days, XRP’s rise to $ 0.75 met a hurdle after a healthy retracement, followed by recovery. XRP is knocking on the doors of the $ 0.62 resistance level and could rise soon.
12-hour XRP price chart
XRP had to retreat to $ 0.36 after its rise to $ 0.75. However, using the Fibonacci Retracement tool, it can be seen that this drop touched the 50% retracement level and found some support at the $ 0.38 level.
Following this drop, XRP’s market bulls were quick to seize the initiative and push the price up, moving beyond the $ 0.53 level where it faced selling pressure. At the time of writing, only $ 0.62 showed significant resistance to the cryptocurrency.
What do the technical indicators tell?
This level of resistance may not last very long against the bullish momentum behind XRP. The RSI was forced to dip alongside the price, but did not drop below 50. The stochastic RSI has also been on the rise for the past few days.
To further highlight the strength of the uptrend, the Directional Movement Index shows a strong uptrend on both ADX (yellow) and + DI (blue). As the indicator moves above 20, it continues to rise.
In the volume profile, it was seen that the trading volume also recovered in the last few trading sessions.
Critical levels to watch
The closest is the $ 0.62 resistance level. A move towards this will see the $ 0.68-0.7 zone as one of the supplies for XRP as it has been an important area in the past. Local highs of $ 0.78 and $ 0.92 can also be expected to resist the price.
Rejecting that resistance could result in XRP pulling back its gains once again, and Fibonacci levels will support the price.
In the long run, there seems to be bullish momentum behind XRP. XRP is a digital asset that still attracts investors’ attention despite the news that one of the co-founders has launched millions of cryptocurrencies. Any possible drop to the $ 0.5 zone is considered buying opportunities. The break, seen as likely to exceed $ 0.62, could result in XRP moving towards $ 0.68 next week.