Chart by TradingView
Ripple has finally left its long consolidation, and momentum is building up behind bulls.
Key Support levels: $0.53
Key Resistance levels: $0.60, $0.68
XRP has made a higher high after breaking above the 53 cents resistance that has now turned into support. This is a significant change in the market structure, which has made sellers disappear. Nevertheless, the bears may return at the key resistance levels found at 60 and 68 cents.
Trading Volume: The buying volume exploded, and this momentum may carry the price much higher.
RSI: The daily RSI is approaching the overbought area at 70 points. This is a bullish signal.
MACD: The daily MACD is expanding upwards, and the histogram is making higher highs. This shows bulls are in full control of the price.
The bias for XRP is bullish.
With this breakout, XRP is well on its way to reaching a higher valuation. The key resistance levels at 60 and 68 cents may not hold the price down for long, particularly if this momentum is maintained.
