Ripple explodes 11% weekly but bulls should focus on this resistance for now (XRP Price Analysis)

In recent weeks, Ripple price has shown an upward trend recovering from notable support levels. However, there is still an important resistance level that must be dropped for the market to enter a bullish phase in the coming months.

technical analysis

By: edris

XRP/USDT Daily Chart:

XRP price has seen a steady rise after bouncing back from the $0.43 support. This level has also been reinforced by the 200-day moving average, while the price surpassed the 50-day moving average near $0.47.

Ripple is currently approaching the $0.6 resistance level, and a successful breakout could trigger a potential rally towards $0.9 in the coming months. However, it is worth noting that the RSI has entered an overbought zone, indicating a possible correction in the near term.

XRP/BTC Daily Chart

Looking at the BTC pairs chart, there is a notable uptrend after the price successfully broke out of an important descending channel. The 0.000017 SAT and 0.000019 SAT levels, representing the 50-day and 200-day moving averages respectively, have both been crossed, indicating positive momentum.

Currently, ripple price is approaching the psychological resistance level of 0.00002 SAT. However, it is important to note that the RSI indicator is indicating overbought conditions, indicating a possible correction in the near term before any further upside momentum.