xrp cryptocurrency price

XRP bounces as exchanges prepare to re-list it

Ripple flows out of exchanges as Bitcoin and Ethereum inflow spikes
Written by publisher team

  • XRP price has crossed the critical price level of $0.55.
  • Today’s trading volume is twice the 50 day simple moving average (SMA).
  • Still a target for a 45% rally from the symmetrical triangle breakout on March 16th.

The price of XRP has frustrated the bearish narrative, despite the legal standoff between Ripple executives and the SEC as well as the delisting or suspension by several cryptocurrency exchanges. The lack of sellers, highlighted by below-average volume, is putting the bulls on alert that a bullish outcome from the multi-week trading range is becoming a higher probability.

XRP price to catch up with the rest of the market

Ripple’s breakout on March 16 was backed by strong trading volumes on the bullish days. For example, on the day of the breakout on March 16, closing up about 6%, volume closed 3 times the daily average. On March 20, it closed up almost 13% at twice its average daily volume. Today, it’s up 6% for about twice the average volume.

The Relative Strength Index (RSI) has not yet reached an overbought state, providing traders with more upside in the short term. If $0.55 holds on to the close, the February 22 high at $0.650 and the 0.786 Fib retracement level at $0.667 are the next related resistance levels for Ripple.

If selling remains limited on lower days, XRP price could challenge higher values, including the February 1 high at $0.757 and even the 1.618 Fib extension of the February low at $1,013.

XRP/USD daily chart

On the downside, the $0.500 price level is a huge support. A break below $0.500 will push Ripple to the 50-day simple moving average at $0.479 and then the 100-day moving average at $0.406.

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