XRP is taking important steps by signaling a transition to the daily bull market structure. XRP, which rose by 21.1% in the last five days, reversed its previous losses and fell below its 11-month low. This recovery may have been influenced by market expectations of a major decision expected in the SEC case against Ripple later this month, which could mean that XRP could retest the tops in this range.

Effects of Recent XRP Price Movements$XRP

The bounce back from the $0.41 support level tested in May 2023 was an important turning point for XRP. Following the decline below this long-term support, XRP's price rebounded above the $0.47 resistance level, indicating strong bullish momentum. While On-Balance Volume (OBV) broke the trend line resistance, the Relative Strength Index (RSI) strengthened its momentum by exceeding the neutral 50 points and showed increasing buying pressure. In the short term, $0.585 could act as intermediate resistance. If this level is crossed, buyers can safely re-enter long positions.

XRP's Challenges and Future Prospects

Despite the recent bullish moves, there are still a few challenges that XRP may face before reaching the $0.55 level. Typically, a decline below a range clears large clusters of liquidity, similar to the scenario observed in April. When the $0.46 support collapsed, panic selling caused massive liquidations, pushing the price down to $0.382. After this accumulation of liquidity, the bulls appeared ready to push XRP prices higher. Now, the liquidity pool near $0.538 has become an important target for XRP, and if mid-range resistance turns into support, the next targets will be $0.7 and $0.77. However, the ongoing two-month range formation below $0.53 poses a potential obstacle to this bull trend.

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