Highlights
XRP price sets the stage for a rally as it takes advantage of the bullish leg noted during the Asian session on Monday. The remittance token’s demand among investors is increasing as noted with the open interest and derivatives volume spike.
XRP price is inching closer to breaching $0.6 resistance. The token sits on support at $0.58 with a descending trendline providing additional support marginally below. It is worth noticing that XRP breaking $0.64 could ignite a rally toward $0.7, boosting overall optimism.
The Moving Average Convergence Divergence (MACD) reinforces the bullish thesis with a buy signal and holding above the neutral zone. Green histograms toward the positive region as a sign of relief to investors who feared a possible downswing to $0.5.
XRP sits on top of all three short-term moving averages, including the 20-day, 50-day, and 200-day EMA. The crossover of the 20-day EMA above the 50-day EMA suggests pressure building behind Ripple to support a modest recovery above $0.6.
Traders will look for a break above $0.6 to validate the uptrend. However, should XRP price fail to close above this crucial level, a retest of $0.58 support may follow. Further price movement will depend on key macro factors, how markets react to the FOMC meeting minutes, and Fed Chair Jerome Powell’s speech at the Jackson Hole Economic Policy Symposium in Wyoming.
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