Today, Ripple (XRP) is facing a crucial test of resistance at $2.3. Will it manage to break free? The critical support levels to watch are $2 while the resistance levels to keep an eye on are $2.3, $2.6, and $3. Here are the three factors affecting XRP’s price today.
1. Pressure on Key Resistance
Yesterday, XRP buyers were able to push the price up to the key resistance level of $2.3, but sellers promptly stepped in to prevent a breakout. At present, the price is experiencing a pullback, but this is not necessarily a bad sign. It suggests that buyers are regaining their footing and if this bullish momentum continues to build, we could see $2.3 breached, followed by a trial of $2.6.
2. Return of Optimism
With the price showing a clear intent to make higher highs, there is a renewed sense of optimism surrounding this cryptocurrency. This sentiment is reflected in the volume profile, where buyers have been dominating over the past few days. A successful break above $2.3 is expected to cause a surge in volume, potentially driving the price to new heights.
3. MACD Indicator Turns Bullish
After the daily MACD flipped to positive territory last week, the 2-day MACD has followed suit today. This indicates the buying momentum is gradually permeating into higher timeframes, which should instill confidence in the price action and entice more buyers. Given this positive feedback cycle, there’s a good chance XRP could reach $2.6 or even higher in July.
