Ripple's price currently trades at $0.476, below the daily resistance level of $0.499. Despite Monday's fall in Bitcoin’s price, #XRP has shown resilience in its price action.
If Ripple's price surpasses the barrier at $0.499, it could rise 7% from $0.499 to $0.532, its previous high from June 5.
In the daily chart, the Relative Strength Index (RSI) is below the 50 mark, indicating neutral to bearish sentiment, while the Awesome Oscillator (AO) remains below zero, suggesting bearish momentum. Both indicators must rise above their critical thresholds of 50 for RSI and zero for AO for a sustained bullish trend. Such a development would bolster the ongoing recovery rally in the market.
If the XRP daily candlestick closes above $0.532, it could extend an additional 9% rally to $0.581, a 50% price retracement level of $0.419 and $0.744 from March 11 to April 13.
Conversely, if Ripple's daily candlestick closes below $0.450, marking the June 7 low, establishing a lower low on the daily chart would invalidate the bullish outlook. This scenario might lead to a 7% decline in XRP's price towards the April 13 low of $0.419.