XRP rebounded strongly, breaking through key resistance, bulls are ready to go
After a four-month downward trend, XRP ushered in a surprisingly strong rebound, successfully breaking through the 200-day moving average, and market confidence gradually recovered.
In the past week, XRP successfully broke through the long-term downward trend line and turned it into a support level. If the 20-day moving average and the 50-day moving average form a continuous golden cross, it is expected to start a long-term upward trend. The current price of XRP is $0.61, up nearly 9% in the past day.
Key support levels are successfully held, and bulls are ready to go
Ripple has received strong support at the $0.41 level for more than a year, and has also rebounded strongly against the backdrop of improved market sentiment. Successfully breaking through the 20-day, 50-day and 200-day moving averages has led to an increase in bullish power, with a ten-day increase of nearly 45%.
However, the price is currently close to the resistance level of the visibility quantitative indicator (POC), which usually represents the price point with the largest trading volume. Therefore, this level may become a short-term resistance. If there is a pullback, $0.57 below will become a support level. If it falls below this level, it may delay the outbreak of a short-term rebound.
If the short-term moving average successfully breaks through the 200-day moving average, it is expected to further promote the rise, with the target looking at $0.72. The relative strength index (RSI) is currently in the overbought area and may pull back to the 50 level.
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