The XRP/USDT pair has gained 50% since last week. The seven consecutive green candles in the technical chart indicate strong bullish momentum. However, the bears maintaining stiff resistance at the $1 mark will confirm if buyers are ready for a bullish rally.
Key technical points
- The XRP buyers trying to retake 20-and-50 weekly EMA
- The weekly-RSI chart entering the bullish territory
- The intraday trading volume in the XRP is $6 Billion, indicating a 105% gain.
Source- Tradingview
On February 4th, the XRP price rebounded from the yearly support of $0.6, with a weekly-morning star candle pattern. XRP vs SEC case approaching closure has helped to bolster the upcoming rally and breached the $0.8 resistance.
XRP price gradually continued to move up and is currently trading at the $0.88 mark. Furthermore, the XRP technical chart shows a descending triangle pattern, and the coin price is nearing the confluence resistance of the pattern’s resistance trendline and $1 psychological level.
If XRP price respects this chart pattern, the sellers would reject the coin from the $1 mark and slide it back to $0.6 support.
However, the recent price jump has surged the weekly Relative strength index(50) above the 14-SMA line and is currently knocking on the midline door.
XRP Bulls Plunge Above The Resistance Trendline
Source- Tradingview
Even though the XRP price is under the influence of a major bearish pattern, the recent price action accentuates the bull power. As highlighted in the recent tweet by Cryptoes, the altcoin price provided a daily-candle closing above the shared resistance of a long coming trendline and 200-day EMA.
Therefore, the price range between the $1 and 200 EMA can be considered a no-trading zone. A smart trader would avoid the conflict between these crucial technical levels and wait for a confirmation for one party overpowering the other.
A decisive breakout and closing beyond the mentioned levels should signal the entry opportunity with the following trend.
- Resistance levels- $1 and $1.32
- Support levels- 200-day EMA, $0.786
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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