XRP shoots to the $0.58 resistance- Should bulls anticipate further gains

ambcrypto.com:

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

XRP bulls have been jubilant in the last few days following a breakout past the $0.42 level of resistance. The high MVRV scores and daily transaction volume in profit to loss noted in a recent report indicated that a pullback was imminent.

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The optimism surrounding the XRP-SEC verdict fueled bullishness, and investors hoped for further gains. While this was possible, there was also the chance that the market could be overextended and hence traders can wait for a corrective wave.

Source: XRP/USDT on TradingView

The former range that XRP traded within was plotted in yellow and extended from $0.33 to $0.42. On 23 and 24 March, XRP retested these range highs as support before skyrocketing northward on the price charts.

The successful retest of the $0.41-$0.42 region as support was pivotal because this has not happened since November 2022. The previous attempt in late January was met with a failed breakout. XRP bulls were unable to sustain the upward run, and bears succeeded in slowly pushing XRP back to $0.35 in mid-March.

The $0.58 level was critical because XRP had tested it as support in January and May of 2022. Both tests saw a positive reaction, although the fear back in May 2022 quickly consumed the bulls and drove XRP to $0.3.

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The RSI stood at 64 to show strong bullish sentiment in the market, while the OBV registered massive gains to show the enormous buying pressure in recent days. Both indicators suggested more gains were likely to follow, but the importance of $0.58 has already been