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XRP: These are the levels to beat if XRP has to continue this bullish momentum

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XRP presents a buying opportunity once more, as the trendline resistance remains the level to beat
Source: Pixabay


Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

The XRP lawsuit notwithstanding, the token saw a bounce in prices as it touched the $0.8. The short-term downtrend from late March appeared to have been broken as the price broke the previous lower high. XRP could find some support at the $0.75 support level and form another higher low. There is also a descending trendline resistance of some importance for the prices to beat.

XRP- 1 Hour Chart

XRP presents a buying opportunity once more, as the trendline resistance remains the level to beat

Source: XRP/USDT on TradingView

The dotted white line represents the middle of a range that XRP has been trading within since last August. Moreover, the $0.78-$0.8 area is a strong zone of resistance. XRP needs to break this area and retest it as a zone of demand, to indicate a bullish move in the making.

Another place where the price could bounce is from the $0.75 mark. The previous day saw a strong bullish move upward from the $0.71 to $0.79, and a revisit to the $0.74-$0.75 area to collect the sidelined liquidity before another move upward could be seen.

Rationale

XRP presents a buying opportunity once more, as the trendline resistance remains the level to beat

Source: XRP/USDT on TradingView

The RSI has been above the neutral 50 for the past couple of days, indicative of the bullish momentum of the past couple of days. The Stochastic RSI was in the oversold territory, and the RSI was at the neutral 50 line. This could see a bounce in prices for XRP in the next few hours.

The OBV had been in a downtrend in the month of April but looked to have taken a turn to the upside. The rise in buying volume was a good sign for the bulls.

Conclusion

There was good buying volume behind the recent gains for XRP, and the price also poked its nose above the trendline resistance. The break of the former lower high at $0.79 was encouraging in the short term. A buying opportunity could arise on a retest of the $0.75 support level, or a retest of the $0.78 area from above.

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Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.