For a long time, the price of Ripple (XRP) was hovering between the range of $0.78 and $0.79 per XRP. The bulls tried their best to push the price of XRP over the $0.79 per XRP. Every time the bulls went for a stronger rally, the bears shot them down with strong selling power.
Until the end of March 17, XRP continued experiencing the same trend, until the bears increased their selling power. They proceeded with selling XRP at a higher rate, which resulted in XRP bouncing off its $0.78 per price.
Due to the plunge, the price of XRP ended up falling below the $0.77 per XRP figure, which is the 20-day EMA for XRP. The plunge has pushed XRP into the downtrend, and it is now traveling lower into the descending line.
On March 20, the bears attempted to increase their selling power and bring its value below the 20-day EMA. However, the bears soon realized that they were not powerful enough to push XRP’s price lower than the 20-EMA.
The bulls constantly bought any dip that the bears tried bringing the price of XRP below the 20-day EMA. This eventually pushed the bears out of the competition, and it finally stayed over the $0.77 per XRP mark.
Technical Indicators for XRP Suggest a Bullish Run
As of now, the relative strength index and the moving averages for XRP are moving into positive territory. The RSI for XRP is currently at 61.08 while the moving averages are at “strong-buy”. The ultimate oscillator for XRP is also at 63.91.
XRP Price on the Right Track to Surge to $1
Such sentiments have finally pushed XRP into the high resistance line. This would result in pushing the price of XRP to higher marks.
As the bulls increase their buying power, the overhead resistance mark they may cross would be $0.79 per XRP. From there, XRP may get launched into a much higher trend, which would continue pushing the price of XRP to an ascending channel.
With the help of stronger and recurring rallies, the buyers may attempt to bring XRP all the way up to the $0.91 mark. This would be an extremely mark for the bulls to conquer, but if they do it, then XRP would become even more bullish.
The next attempt the bulls make for XRP would be to push it all the way up to its psychological mark. At the time of writing, the strong psychological point for XRP is $1.
However, if the bulls are not able to conquer the bear even at the lower level, then XRP’s price may plummet. Once XRP falls below the 20-day EMA, the bears may attempt to bring it down to the $0.75 per XRP mark (50-day SMA).
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