Crypto analyst MikybullCrypto has identified potential bullish momentum for XRP, citing a breakout from a prolonged downtrend on the Relative Strength Index (RSI). This development suggests strengthening market sentiment for the digital asset.
XRP’s price has been constrained by a descending trendline, connecting multiple lower highs, which has acted as a strong resistance barrier. This pattern has maintained a bearish outlook over the long term. However, the recent breakout from this trendline indicates a possible shift toward a bullish trend.
With regards to the direction as well as the range, the Bollinger Bands have been slowly narrowing around the price of the XRP, suggesting a range-bound market. These contractions usually appear before large price fluctuations, which indicates that XRP is getting ready for increased volatility.
XRP’s Support and Resistance Levels Define Trading Range
XRP has established a primary support level near $0.50, a price point that has provided stability during previous consolidations. A secondary support level exists between $0.25 and $0.30, reflecting historical consolidation zones.
On the resistance side, the immediate challenge lies at the descending trendline, approximately in the $1.00 to $1.20 range. Surpassing this level could signal a bullish reversal. Beyond this, the $2.00 to $2.50 zone represents a significant resistance area, as XRP faced strong rejection there during its previous bull cycles.
Read also: FET Price Plunges, But Here’s Why Holders Shouldn’t Panic
RSI Indicates Strengthening Market Sentiment
The RSI, currently approaching the 40–45 range, has historically triggered rebounds in XRP’s price. This suggests that the asset may be gaining strength, potentially leading to upward price movement.
At press time, XRP is at $0.671781 highlighting a 3.51% uptrend within the last one day with a trading volume of over $10 billion.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
Source link
