Investing.com – “XRP in the Low Pressure Zone: What’s Next?” we headlined our latest cryptocurrency article. The cybercurrency was able to take advantage of the corrective movement described at the time. With 0.545 dollars, it even reached its highest quotation since mid-April. XRP was unable to fully defend this level, however, and due to some profit taking over the past few hours, it is trading again just below it at $0.533. Nevertheless, the downward pressure remains limited and the bearish momentum is not really there. Moreover, Ripple is one of the strongest cryptocurrencies. While and suffered moderate losses over the past seven trading days, the world’s sixth-largest cryptocurrency by market capitalization is up more than 11%.
For a big boost, XRP would now need a sustainable rise above the resistance at $0.54, which would then pave the way for the key hurdle of $0.59. Above $0.65, a rally to the December 2021 high at $1.00 would even be possible.
Technical indicators provide some support for the optimistic scenario. As the MACD continues to gain momentum above its midline, the RSI is currently testing overbought ground. This does not necessarily result in a correction, but caution is warranted. On the other hand, the longer-term indicators remain bullish, which limits the risk of a major pullback.
In order not to spoil this good starting situation lightly, the former resistance located around 0.48 constitutes a good protection.
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