XRP buyers returned in force and took the price to $3 earlier this week, but the asset slipped below it in the following days. What’s next?
Key Support levels: $2.6
Key Resistance levels: $3, $3.4
1. Buyers Rush to XRP
In the past week, the buy volume has exploded, and with it, the price. XRP went from $2.3 to $3 in less than a week, which represents a 30% rally. This is the first time this cryptocurrency is challenging the $3 resistance since March.
2. Critical Resistance Under Pressure
With the price just under $3, XRP is found at a junction. If it breaks this resistance, then it will have a real chance to escape much higher and even make a new all-time high. If it fails, then sellers are likely to return since that will be a sign of weakness. The next few days are critical.
3. Weekly MACD Turns Bullish
In a major development, the weekly MACD turned bullish this week. This hints at a sustained rally in the future despite any pullback at the current resistance. Based on this momentum indicator, the $3 level may eventually fall to allow this cryptocurrency to expand much higher, with key targets at $3.4 and a new all-time high of $3.6.
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