Ripple appears to have resumed the uptrend from the support recently formed at $0.23. The fourth-largest cryptocurrency was recently rejected from levels slightly above $0.26. This gave credence to the bearish outlook, sending XRP under several key support areas, including $0.25 and $0.24.
Meanwhile, the upswing in the market, especially for Bitcoin and Ethereum, seems to have woken Ripple bulls. A breakout from the descending parallel channel elevated the price past $0.24.
If buy orders increase, XRP might overcome the 50 Simple Moving Average (SMA) selling pressure. Above this level, price action is likely to culminate in a spike past the 100 SMA and the 200 SMA.
The Relative Strength Index (RSI) gives credence to the bullish outlook as it sharply rises towards the overbought region. In other words, the path of least resistance is upwards, especially if the 50 SMA flips into support.
It is worth mentioning that buyers must hold above $0.24 to ensure the anticipated uptrend is validated. Price movement above the 100 SMA and the 200 SMA will kick start the last part of the upper leg, eying $0.26. On the other hand, a reversal under $0.24 may see XRP revisit the critical support at $0.26.
Spot rate: $0.24
Relative change: 0.0026
Percentage change: 1%
Trend: Bullish
Volatility: High
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