Ripple Price Breaks Its Key Resistance Level! Is XRP Price About To Explode?

The post Ripple Price Breaks Its Key Resistance Level! Is XRP Price About To Explode? appeared first on Coinpedia Fintech News

Despite the crypto industry experiencing a minor correction in its valuation, XRP coin price has gained approximately 4% within the past day and has cumulatively added over 9% over the past week, indicating a rising bullish influence for this crypto in the market.

The prime reason for the recent jump is predicted to be the high possibility of a reduction in the settlement cost of the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).

Ripple’s XRP price traded in a closed range between $0.5976 and $0.6139 for over a week, following which the market gained momentum and the price broke out of the range. However, the rally was short-lived as the bulls lost momentum at the resistance level of $0.6286.

After multiple attempts, the bulls regained power and jumped over 10% before falling rejection at $0.6921. Following this, the price started trading under a bearish influence and erased all its gains from the price pump.

Since then, the price has been constantly trading in a consolidated range between $0.5976 and $0.6286. Recently, the bulls successfully broke out of the resistance level, indicating a trend reversal in the market.

Positively, the Cross EMA 50/200 Day displays a high possibility of a Golden Cross, suggesting the coin will experience massive price action in the coming days.

Will The XRP Price Continue Rising?

The Relative Strength Index (RSI) displays a sharp rise in the chart, indicating massive ongoing buying pressure in the market. Moreover, the averages show a bullish convergence, suggesting a bullpower in the space.

If the bulls push the price above the resistance level of $0.6445, the XRP price will continue to gain value and test its upper resistance level of $0.6629. Maintaining the price at that level will set the stage for Ripple to attempt to test its resistance level of $0.6921 in the coming time.

Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $0.6139 this week. Further, if the bears continue to dominate the market, it will plunge and test its lower support level of $0.5976 this month.