XRP Price Analysis: Eyes on $0.6044 Resistance – Is a $1 Breakout Imminent?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The XRP price has fallen by 1% in the past 24 hours, with its dip to $0.5881 coming after it retreated from the $0.6044 resistance level this morning.
This means that XRP is up by 2.5% in a week but down by 3.5% in a month, although the altcoin holds on to a 15% increase in a year.
It broke the $0.60 resistance level twice over the weekend, with its recurring attempts suggesting that it may be close to a more sustained breakout.
And with the wider market looking in much better shape over the past week, we may be at the beginning of a bull phase for XRP.
After dipping yesterday, XRP looks ready to retest its resistance level in the next one or two days, with its indicators still showing good momentum.
Its relative strength index (purple) is rising back up to 50 after dropping to 35 last night, a sign of returning buyers.
Meanwhile, XRP’s 30-period moving average (orange) remains above its 200-period average (blue), and while some might say that it’s due to come down it’s still looking strong.
The coin’s trading volume still remains healthy at $1 billion today, while the fact that its resistance (red) and support (green) levels are converging on each would suggest that a breakout is coming.
And such a break out is likely to happen once XRP decisively climbs above the $0.6044 level, which it hasn’t been above since the end of August.
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