XRP might be on the move to break out as charts show that the crypto has sustained steady uptrends to break its $0.55 key resistance. The asset would likely sustain the movement, meaning that holders might expect a new high as market bulls are at their peak. Despite things being difficult for Ripple, especially with the court case ahead of it, the cross-border token continues to thrive.
Exchanges have delisted XRP tokens in America, meaning that residents within the region can neither buy nor sell the coin. This has not prevented other global communities from trading the coin as the token does not have regulatory problems in other areas.
XRP sustains a bullish movement
Even with the continuous off-and-on Ripple and SEC issues, the crypto managed to sustain a bullish movement, ensuring more attractive gains. The crypto slightly corrected yesterday to the $0.43 point but moved upward almost immediately as the bulls continue to intervene. The asset’s key resistance is around $0.56, $0.58, and $0.60.
The support level starts from around $0.38, $0.36, and $0.38. The asset has had some drastic falls, as it fell below the $0.45 mark, where it tasted the $0.39 point before appreciating within a short while. Charts show that the asset has peaked above the $0.55 around the month’s beginning but continued to fall from the $0.50 to $0.45 ranges.
The uptrend would likely continue as the crypto has recovered immensely and would attain the $0.55 mark and probably break it as it goes upwards. The asset had a significant pullback previously, and that made it move below the $0.50 mark.
The crypto is currently above the 9-day and 21-day MA, while its nearest key resistance remains around the $0.55 mark. There are strong indications that the bulls would continue to run the market as the technical indicator, RSI (14), is currently above the 50-level, a healthy movement from the previous mark.
The indicator takes action towards the North, which could mean that a brighter future awaits the asset. Fortunately, if the asset manages to bypass the $0.56 resistance, it would take the asset above the charts and possibly towards the $0.60 mark. On the flip side, if the asset moves below the moving averages, the crypto’s nearest movement would likely be $0.38 as it moves downward due to the sharp correction.
XRP and BTC comparison
When comparing the token to Bitcoin, the two have similar outlooks as they are both consolidating downwards while maintaining movements with the moving averages. The asset has seen some encouraging pressure from the bulls as they try to get the crypto far above the moving averages to prevent the possibility of a price fall at this vital time.
The technical indicator, RSI (14), is around the 40-level, showing some indecisiveness on the crypto part. This makes it difficult to determine where next the asset could move to. The asset’s position would likely encourage more sellers, and this would pump the asset helping it break above significant marks.
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