XRP bounces from mid-range support level – can bulls push toward $0.41

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Ripple’s [XRP] prices reached a long-term support level of $0.374 over the past few days. The sellers attempted to drive prices lower, but the bulls were able to fight back. At the time of writing, the lower timeframe momentum had flipped bullish.

How much are 1, 10, and 100 XRP worth today?

However, that does not mean XRP was ready to shoot upward to the range highs at $0.41. There was yet another level of significance just overhead where XRP was trading at press time. If it were flipped to support, lower timeframe traders can look to buy the asset.

Source: XRP/USDT on TradingView

XRP has traded within a range from $0.415 to $0.33 since November, with the mid-range mark at $0.374. Before the late February retest of the $0.374 level, XRP had reached the same support level in mid-February. On that occasion, the bulls could not prevent a quick decline to the $0.36 mark. But thereafter, bullish sentiment had taken hold of the market. This was when Bitcoin [BTC] fell to the $21.6k support level.

At press time, Bitcoin traded at $23.7k. The next significant resistance level lies at $25.2k. It had already been rejected from this area on 20 February. Therefore, a deeper pullback to $22.5k can not be discounted.

This meant that although XRP displayed some bullishness, buying XRP could be risky. The RSI moved above neutral 50 and held a reading of 54, which indicated neutral to weak bullish momentum. On the other hand, the OBV has been in decline over the past two weeks.

Hence, despite the lower timeframe upward momentum, there was a lack of genuine demand from the buyers. This suggested