Ripple (XRP) Price Analysis: XRP Bulls Gained 20% Breaking $0.33 Mark, What’s the next move ?

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • XRP is showcasing significant positive momentum in this year starting from $0.19 and reaching $0.33. 
  • However, the question is whether XRP has reached its critical resistance level. 

As the parabolic curve in the graph shown below, XRP bulls have made a significant run this year. It started with a price of $0.19 and today broke a $0.33 mark. Today, it rallied around 20% and broke the key resistance of $0.30 against the US dollar.

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However, after breaking $0.33 it bounced back to $0.30 with the market capitalization of $13,450,505,979 and the 24H volume traded of $5,205,315,656. This indicates that XRP bulls will face strong resistance levels between $0.33-$0.35. 

Source: Tradingview

Fundamental Factors 

Ripple’s investment arm named XPRING has recently joined American multinational financial services corporation MASTERCARD to promote blockchain education. This industry collaboration can provide a fundamental boost to XRP and open up the scope of blockchain education and research in universities around the globe.

BRD, one of the fastest-growing consumer crypto wallets in the world is planning to add support for XRP to its wallet. This will help XRP to increase its market cap and volume traded in the crypto market

Ripple is also planning to introduce deletable accounts for their ledger with a special feature of reimbursement. This feature allows XRP ledger accounts to be removed from the ledger and recover most of the reserve locked in the accounts for spam prevention.

Technical Factors  

Source: Tradingview

The technical indicator suggests that XRP bulls have strong potential to capitalize on the momentum built. However, the minor pullback observed today indicated that it can face downtrend also. RSI is reaching 80 levels which can be a critical level for bullish momentum.

CCI also remains in the overbought territory which supports the reasoning of the downtrend. If there is a negative divergence in CCI, it can support XRP bulls too. MACD levels show that strong buying momentum is still going for XRP. 

Major resistance level: $0.3300, $0.3500 and $0.4000

Major support level: $0.3000 and $0.2600

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