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
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.
To congratulate you we are going to offer you our free method of investing in cryptocurrencies simply and automatically with the objective of generating regular income while protecting your capital as much as possible.