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XRP broke through the $ 0.5 mark last week with the crypto remaining well above the $ 0.51 support level. At the time of writing this article, it was at the end of a rise from $ 0.53 to $ 0.58. In the near term, XRP could see further gains, despite Ripple and SEC continue to be embroiled in a lawsuit that recently saw the latter file an amended lawsuit.

30 Minute XRP Chart

Source: XRP / USD on TradingView

XRP broke its downtrend line supported by strong volume. It used the Fibonacci retracement level at $ 0.53 as support and surged higher to reach $ 0.582. As of this writing, XRP is seeing some sales. But the negotiating session in question has not yet. The $ 0.57- $ 0.58 region and the $ 0.62 level were the next important areas of resistance for the bulls in XRP, following a breakout to the upside.

Over the past 7 days, XRP has steadily declined in the charts. The $ 0.53 retracement level briefly broke as price slipped below $ 0.51, but market buyers were able to force prices higher.

A short-term buying opportunity would arise if XRP closes a trading session above $ 0.58 while flipping the $ 0.57 area to $ 0.58 in a demand.

Contract justification

The RSI pointed to the formation of a bullish divergence (white), with the price subsequently finding support at $ 0.53 after briefly falling below. However, the divergence, combined with the increase in trading volume, gave buyers confidence that a breakout was imminent with XRP rising to close the session at $ 0.58.

The directional movement index also suggested that a significant bullish event had taken place. ADX (yellow) rose above neutral 20 while + DI (blue) also pulled up.

Finally, the RSI broke above 50, testing it again as support before rising higher.

These results painted a bullish picture for XRP in the short term, reinforced by the strength of its trading volume. However, the area of ​​$ 0.55 to $ 0.56 should serve as the demand region. Now, a dip below the same would indicate movement lower in the charts.

Conclusion

Although a bullish breakout was observed, new buying opportunities would arise if the $ 0.57 – $ 0.58 region sees some buyers intervene. If the trading volume begins to decline alongside the price, a further visit of $ 0.53 could be considered.

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