Why is the Ripple (XRP) Price Up Today?
XRP turned bullish after buyers took control of the price action. Let’s examine a few different technical indicators that may provide important insights into where the market is currently at and where it might be headed next.
Key Support levels: $0.54
Key Resistance levels: $0.68
1. Ripple Breaks Resistance
Buyers reversed the downtrend and broke the key resistance at 54 cents, which is now being tested as support. If they can keep the price above this level, then the bullish momentum may intensify.
2. Reversal in Progress
After some hesitation, XRP’s bulls took the initiative today and managed to raise the price. If they persist, this cryptocurrency could start a rally and approach 60 cents again. Later, XRP could even challenge the key resistance at 68 cents, which is still quite a distance away.
3. MACD Bullish Cross
With the daily MACD firmly on the bullish side, the 2-day MACD also completed a bullish cross today. This is another confirmation that momentum is shifting bullish. This could be the start of a sustained recovery after the losses in April.
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Filed under: Bitcoin - @ May 6, 2024 9:23 am