XRP Restarts Its Upward Trend but Faces the $0.74 Barrier
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XRP (XRP) Long-Term Analysis: Bullish
XRP’s (XRP) price breaks out of its current range but faces the $0.74 barrier. On March 5, the cryptocurrency’s price remained fixed at the $0.66 high. The bulls also hold the decline above the moving average lines. For the past week, XRP has been trading in a range between the moving average lines and the $0.66 resistance level.
Nonetheless, on March 11, the altcoin rebounded above the 21-day SMA and breached the current price range. The crypto reached its previous high of $0.74 before pulling back. The most recent high is equivilent to the historical price level from November 6, 2023. On the upside, if purchasers break the previous high, the bullish momentum will continue to the highs of $0.94 and $1.34.
Nonetheless, XRP/USD will continue to trade evenly between $0.58 and $0.74, where bulls fails to breach the previous high. XRP is now worth $0.69 as at the time of writing.
Technical Indicators:
Major Resistance Levels – $1.00, $1.50, $2.00
Major Support Levels – $0.50, $0.30, $0.10
XRP (XRP) Indicator Analysis
The price bars are higher than the moving average lines, which slope upward. This has led to the cryptocurrency’s continued upward movement. XRP has a bullish crossing as a result of its double price rebound. The 21-day SMA has crossed above the 50-day SMA, signaling the start of bullish orders.
What Is the Next Direction for XRP (XRP)?
On the 4-hour chart, XRP is trading above the breakout level of $0.66 but faces the $0.74 barrier. If buyers can break through the resistance at $0.74, XRP will restart its upward trend. To put it another way, if buyers succeed, the crypto signal will be favorable. Bulls and bears have traded in a tight range for the last 24 hours. The bulls have the upper hand as the cryptocurrency trades above the moving average lines.
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