As reported by CryptoPotato, Ripple (XRP) appears poised for an upward trajectory this week. The key support level for XRP is currently at $2, while the resistance levels are set at $2.3, $2.6, and $3.
1. Increased Buyer Interest
From the chart analysis, it’s clear that the $2.3 resistance level has faced multiple tests in recent weeks. Despite sellers managing to stave off a breakout so far, an upward shift seems inevitable if buying pressure persists. The conversion of the $2.3 resistance level into a support level could potentially propel XRP to reach $2.6.
2. Bullish Momentum
Signs of a bullish trend are evident in the momentum indicators – the daily MACD (Moving Average Convergence Divergence) and RSI (Relative Strength Index) are both showing an upward curve with distinct higher lows. If XRP breaks past the $2.3 mark, it is likely to reach new highs. However, this upward bias will only be confirmed if the $2.3 resistance level is successfully breached by buyers.
3. MACD Bullish Cross
The daily MACD has recorded a bullish cross, indicating that XRP is set for a surge. If the momentum continues in the coming days, there’s a possibility of a sustained rally that could challenge the $2.6 resistance level, or even reach $3, unless sellers step in to halt the upward trend.
