XRP Price Breakout From Monthly Resistance Sets a Potential Upswing of 20%

Published 2 hours ago

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.

Also Read: What Is Regenerative Finance (Refi) And Who Is It For?

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

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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