XRP Price Breakout From Monthly Resistance Sets a Potential Upswing of 20%
On March 21st, the XRP price gave a massive breakout from the monthly resistance of $0.43, providing an entry opportunity to interested traders. By the press time, the coin price trades at $0.45, with an intraday gain of $7.4%. Under the influence of a long-coming consolidation phase, the buyers are likely to push the price back to overhead resistance; should you enter now?
Key points:
- The $0.43-$0.41 level stands as a strong accumulation zone for buyers
- A bullish breakout from $0.43 encourages coin buyers to reach the $0.55 barrier.
- The intraday trading volume in the XRP is $1.68 Billion, indicating a 25% gain.
Source- Tradingview
The last ten months’ price action has showcased the XRP price is following a sideways trend. In this range-bound rally, the $0.3 support acts as a selling climax, and the $0.55 resistance acts as a buying climax.
Amid the recent recovery in the crypto market, the coin price rebounded from $0.3 support and recently breached in-between resistance of $0.43. If the weekly candle closes above the aforementioned resistance, the buyers will gain a significant footing to prolong this recovery further.
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A bull cycle within a range-bound rally is likely to push the asset price to a buying climax resistance. Thus, with sustained buying, the XRP price is set to rise 20% higher to reach the $0.55 resistance.
The interested trades can look for an entry opportunity at the $0.43 mark as the XRP price might witness a minor pullback to breach the resistance and check for price sustainability.
Anyhow, the coin holders will need a breakout from the $0.55 barrier to turn the sideways trend into a sustainable bull run.
Technical Indicator
Relative Strength Index: the weekly RSI slope reached a value of 56% which was last recorded during the November 2021 peak. The indicator value rising above the midline indicates the market sentiment favors a prolonged recovery rally.
EMAs: The XRP price witnessing intense supply pressure from 50-and-200-day EMAs indicate a higher possibility for minor correction.
XRP intraday price levels
- Spot price: $0.42
- Trend: Bearish
- Volatility: High
- Resistance level- $0.55 and $0.7
- Support level- $0.43-$0.41 and $0.3
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