Ripple has overtaken the bears after the digital asset tried to breach the resistance at $0.48. Giving the recent price movement of the asset, a break out is expected in the coming days. If the asset eventually breaks out, it could go well over the top, judging by its trade over the 9-day and 21-day moving averages.
Presently, XRP is selling for $0.47, with analysts expecting that the price of the asset would fare better by the beginning of next week. The bulls are being tasked with most of the job as they need to continue holding the asset up till it makes a surge. The bulls would need to be ready to defend the asset at $0.44 before trying to breach above the $0.50 resistance level.
Traders activities needed to push the asset above
Traders would also need to help the bulls after they break above the resistance as it is only them that can spur the growth of the asset towards the $0.55 price region. Also, they would need this to close in on the decline that the asset is presently experiencing. If they defend the position at $0.44, they would be able to rule out a move below, ensuring that the recent profits are not eaten up.
Also read:Also, analysts have pointed at a sideways move for the digital asset, which is evident in its RSI, which is closer to the 50 level. If the bears can dominate the market, they could push the asset to touch support at $0.38 before going on to hit the $0.36 price mark.
Finally, if the bulls fail to trigger a defense at that level, the asset could see its price close in and touch $0.34. In the same vein, a trade upward would see the digital asset close in on the $0.56 and $0.58 resistance figures. If the bulls are in form, they could make a statement by finally hitting the $0.60 resistance level.
XRP/BTC comparison
Compared to Bitcoin, the asset is presently harboring the bulls and is now trading within the moving averages. If the asset witness a decline move, it could move in a negative direction. The low could be triggered by the selling activities of traders in the market.
With the market still trading in the lower position, traders would be hoping that their activities and the bulls would be able to defend the asset at 700 Satoshi. And if this is not enough, it could further go down to 650 Satoshi. However, a bullish move will see the digital asset could see a run that would place it above 1000 Satoshi and above.
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