The Ripple (XRP) price has risen above a key resistance level that typically keeps the altcoin stable and prevents major corrections. This has filled investors with optimism about further recovery.
XRP’s Relative Strength Index (RSI) is firmly in the bullish zone, indicating strong buying momentum. This has led traders to be confident in XRP's performance, possibly accumulating the altcoin in anticipation of further gains.
Additionally, XRP’s Mean Coin Age (MCA) has shown consistent growth despite market corrections. This suggests that long-term holders are maintaining their positions, highlighting their confidence in XRP’s future value.
Currently, XRP is trading at $0.59, above the crucial support level of $0.58. This support level coincides with the 38.2% Fibonacci Retracement line, which has historically prevented significant losses. If buying momentum continues, XRP could reach a four-month high at $0.63. Otherwise, sideways movement is expected.
However, if the buying momentum weakens, XRP could fall below the $0.58 support level, invalidating the bullish outlook and leading to a price drawdown.
Quelle: beincrypto.com ↗