Ripple’s XRP has been trading within a strong upwards trend since February 5. It continually gained strength regardless of the previously predicted slump other altcoins experienced. More recently, XRP bulls successfully defended a key support level and are poised to carry the crypto towards a significant rebound towards the $0.70 range.
“Charging Bull” or “Wall Street Bull” in New York City
XRP price is gearing towards an even higher climb towards $0.90 if this bullish momentum continues for a few more days. On a recent 12-hour chart, XRP’s price successfully defended against the $0.57 key support level. This level is known as the lower trend line of the ascending parallel channel. Rebounding from this point will effectively bump the XRP price over the $0.70 upper boundary.
The $0.70 resistance level is currently the upper trend line and is the most critical resistance level XRP need to push for. A breakout above this level will boost the value of XRP towards the next target of $0.90, where there is little to no resistance levels that will greatly affect its value.
The 4-hour chart shows that the TD sequence indicator for the crypto has presented a red ‘8’ candlestick. This type of candlestick usually transforms and indicates a buy signal, further supporting the legibility for the bullish run of the coin. However, a significant rebound is necessary for the price of XRP to continue rising.
However, if it falls below the lower boundary of the ascending parallel channel and closes below the $0.57 range, it would send the XRP price down to $0.42. This is a 25% move calculated using the height of the reference point on the same graph.
As of the time of writing, XRP price is still above the lower boundary at $0.58 and still holds the 5th largest market capitalization for altcoins today.
