As a seasoned crypto investor with battle-tested nerves and an eye for spotting promising trends, I must say that the recent bullish action in XRP has certainly piqued my interest. Over the years, I’ve learned to read the market like a book, and the current pages seem to be turning in favor of XRP.
XRP’s price action turned bullish this week.
Key Support levels: $0.54
Key Resistance levels: $0.68, $0.93
1. Key Resistance Under Pressure
Since Bitcoin surpassed $74K, the altcoin market has been experiencing a significant surge of more than 10%. Just like other altcoins, XRP has seen a 14% growth over the last week. This recent surge has brought its price close to a critical resistance level at approximately 68 cents, which could potentially crumble in the near future.
2. Buyers are Back, but Volume Lags
Regardless of the current control by buyers, the volume hasn’t managed to reach a new peak high. If there’s a significant breakout beyond the existing resistance level, it could draw increased interest towards XRP, with a potential goal of 93 cents as the next significant milestone.
3. MACD Turns Bullish
The weekly MACD (Moving Average Convergence Divergence) signals a strong bullish tendency in XRP’s price movement. Following a period of moderated market fluctuations, this might mark the initiation of a significant surge for XRP. Once the present resistance level is surpassed, the path for buyers becomes more straightforward towards reaching approximately $1.
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2024-11-12 15:22