Ripple Price Analysis: XRP/USD needs to crack this key resistance to conquer $0.65
- XRP/USD in upside consolidates, gathering strength before the next push higher.
- The No. 7 coin spots a bull crossover on the daily chart, amid a bullish RSI.
- $0.65 remains on the buyers’ radar on a sustained break above critical resistance just above $0.60.
Ripple (XRP/USD) is holding the higher ground for the third straight session, as sellers continue to lurk just shy of the $0.60 mark.
The no.7 crypto coin awaits a strong catalyst for the next push higher. The Good Friday holiday-thinned trading could likely propel exaggerated move in the spot.
At the time of writing, XRP/USD is trading better bid above $57,100 levels, posting small gains on the day. The coin tracks the upbeat sentiment across the crypto board, as Bitcoin briefly regains the $60,000 threshold.
XRP/USD: Looking for a big break higher?
XRP/USD: Daily chart
Ripple’s daily chart shows that the price has failed to find acceptance above the powerful horizontal trendline resistance (orange) at $0.60.
This has prompted the bulls to enter a phase of consolidation, as they gather strength once again, in order to yield a sustained break above the latter.
If the upside break materializes, the next fierce barrier awaits around $0.6425, which is a static resistance, represented by a horizontal trendline (yellow).
A daily closing above that level is needed to resume the uptrend towards $0.80.
The 14-day Relative Strength Index (RSI) trades listless but comfortable above the midline, suggesting that there remains an additional room for the spot to rise.
A bull crossover, charted by the 21-daily moving average (DMA) having pierced through the 50-DMA from below, further adds credence to the bullish potential.
On the flip side, Immediate support awaits at the bullish 21-DMA of $0.5155, below which the 50-DMA at $0.5031 could be challenged.
Further south, the strong psychological support at $0.50 could help limit the declines in the XRP/USD pair.
XRP/USD: Additional levels to consider
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
