This week, XRP’s rally has resumed, with buyers taking control. Here’s a detailed analysis of the current price action and future targets.
Key Support Level: $0.54
Key Resistance Level: $0.68
1. Buyers Step In
XRP has rebounded from the 54 cents support level as buyers entered the market. The price has risen by more than 10% since testing that support. As long as this level holds, the market outlook remains bullish.
2. Declining Volume
Since XRP reached a local peak near 64 cents, trading volume has been decreasing. While this isn’t an immediate concern, a continued decline could be problematic. Reduced volume might give sellers an opportunity to retest the key support level. A second test could signal bearish sentiment.
3. Strong Weekly MACD
Despite short-term fluctuations, the weekly MACD indicator remains bullish, showing higher highs on the histogram. This suggests that XRP could aim for new highs and potentially test the resistance at 68 cents.
