XRP is setting the market on fire, there is no doubt about it. The price action is heating up and bulls are on the offensive. XRP, priced at $0.6127, is charging towards the key resistance level as if it has something to prove.

XRP/USD chart shows upward momentum, with indicators flashing green across the board. Volatility is high, but the possibility of a sharp rebound is also high.

Technical failure

Currently, XRP is trading close to the upper Bollinger Band, which is significant. When the price moves close to the upper band like this, it means that the asset is experiencing strong upward momentum.

The Bollinger Bands themselves are quite wide at the moment, telling us that the market is quite volatile. This is not surprising given the recent price action.

The resistance level to watch out for is $0.6276. This line has been difficult to break, but if XRP can break out of it, we might see a stronger rally. On the other hand, the support level of $0.5991 has been holding firm.

Every time the price dips near this level, buyers rush in and push it higher. Clearly, there is strong buyer interest, which keeps the bulls engaged.

Now, let’s talk about the patterns on the chart. We have a large number of double tops and double bottoms, which means there is a battle going on between the bulls and the bears.

But the number of double bottoms is still slightly lower than the number of double tops, indicating that the market may be leaning towards the bullish side. If the bulls can maintain the pressure, XRP could see a sharp breakout.

Key indicators show XRP bulls’ strength

One of the clearest signs of XRP’s strength is the On Balance Volume (OBV). The OBV is currently at 467.042 million and has been climbing.

This is a clear sign that buying volume is rising, which is exactly what you want to see in a bull market.

The more people buy, the more likely it is that prices will rise. The MACD is also giving a bullish signal because it has crossed above its signal line, a classic sign that prices will continue to rise.

The histogram, although showing a small decline, remains in bullish territory, so the overall trend remains up and any declines are likely to be just a temporary setback.

Price Prediction? If XRP can break above the $0.6276 resistance level, we might see it rise towards $0.6500 and possibly even test higher levels around $0.6800.

But remember, this market is extremely volatile. If the price fails to break through the resistance and breaks below $0.5991, we could drop to $0.5700. But considering the current indicators, a bullish outcome seems more likely.

The catalyst behind this mini-breakout is the impending end of the Ripple-SEC legal dispute, with XRP officially being declared not to be a security. After years of fighting in court, Ripple is finally getting some clarity.

The court ordered Ripple to pay $125 million, a fraction of the SEC’s initial request. Investors were delighted that Ripple was able to continue operating, especially its On-Demand Liquidity (ODL) sales outside the United States.

Now that the regulatory uncertainty is behind them, they are becoming more confident, which is clearly reflected in the price of XRP.