The continuation pattern resulting in favor of bulls has set a new recovery for the Ripple(XRP) price. The sluggish rally continues to approach the local resistance of $0.9, hoping to overcome February’s high resistance. Can buyers maintain the buying momentum to the $1 mark?
Key points:
- The 50-and-100-day SMA nearing a positive crossover
- The daily-MACD indicator lines enter the bullish region
- The intraday trading volume in the XRP is $2.07 Billion, indicating a 57.6% loss.
Source- Tradingview
On March 11th, the Ripple(XRP) price ended a three-week consolidation period by giving a decisive breakout from the symmetrical triangle pattern. The bullish rally tagged the $0.85 psychological level and reverted, displaying a long-tail rejection candle.
The pullback retest of the breached trendline and the long tails attached to these rest candles validated a genuine breakout. The post retest rally has surged the altcoin by 6.73%, where it currently trades at the $0.8 mark.
XRP price chart shows the ascending support trendline remains intact, and the long traders can hold onto their position until this price doesn’t close below it. The steady rally should pump the altcoin to $0.9 monthly resistance.
Alternatively, If the sellers breach the dynamic support, the traders can experience a downfall to the $0.7 mark, followed by another 14.5% decline to $0.6.
Technical Indicator
The upcurved 50-day SMA bolster the buyers’ defense at the ascending trendline. However, the buyers could struggle to overcome the 200-day SMA situated near the $0.9 resistance.
The Moving average convergence divergence (MACD) indicator lines gradually rallying in the bullish territory indicate the rising bullish momentum.
- Resistance level: $0.88-$0.90 and $1
- Support levels: $0.758 and $0.69
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