• Ripple (XRP) has broken above the 53 cents resistance, which has now turned into support.
• The buying volume has exploded and the daily RSI is approaching the overbought area.
• Bulls are in full control of XRP with a bullish bias, and the key resistances may not hold price down for long.
Ripple Price Analysis
Ripple (XRP) recently made a higher high after breaking above 53 cents resistance that has now turned into support. This change in market structure indicates that bulls are in full control of price movements. Moreover, the buying volume is increasing significantly and the Relative Strength Index (RSI) is approaching an overbought area at 70 points. Consequently, it appears that XRP could reach its next targets at 60 and 68 cents if momentum continues to build up behind buyers.
Key Support Levels
The main support level for Ripple is currently located at $0.53. If this level breaks down, sellers could take back control of the market which would drive prices lower and invalidate any bullish outlooks.
Key Resistance Levels
On the other hand, if buyers maintain their current momentum, then XRP may be able to break past its two key resistance levels located at $0.60 and $0.68 respectively. If these levels fail to hold price down for long, then Ripple may continue its upward trajectory towards higher valuations beyond these levels as well.
Trading Volume & Indicators
The explosive buying volume shows that there is considerable interest behind Ripple’s current rally which could be enough to propel prices much higher than expected if maintained. Furthermore, both daily MACD and RSI indicators are showing signs of bullishness as they both expand upwards with histogram making higher highs as well – all suggesting that bears are out of play right now and bulls have taken control of the market situation here on out..
In conclusion, it looks like XRP is on track to reach new heights beyond its two key resistance levels at 60 cents and 68 cents respectively given how strong momentum appears to be building up behind buyers right now – leading some analysts to believe there will be no stopping ripple from reaching much higher valuations in near future should this trend continue onwards