Ripple price shows potential for a rally after finding support around the daily level

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Ripple faced rejection at the daily resistance level of $0.643 on August 8, leading to a 10.35% drop over the next three days. However, on Monday, it found support at around $0.544, which led to a 1.5% recovery the following day. As of Wednesday, Ripple is trading slightly higher at $0.578, up 0.45%.

If the daily support at $0.544 holds, XRP could rally 10% to challenge the next resistance level at $0.643.

The daily chart’s RSI has moved above its neutral level of 50, and AO is on its way to doing the same. The bullish trend will be reinforced if both momentum indicators trade above their neutral levels.

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