• XRP price clearing the critical $0.55 price level.
  • Today’s volume is double the 50-day simple moving average (SMA).
  • Still on target to rise 45% from the symmetrical triangle breakout on March 16.

XRP price has frustrated bearish narratives, despite the legal standoff between Ripple executives and the SEC as well as the delisting or suspension by several crypto exchanges. The lack of sellers, highlighted by the below-average volume, put 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

The Ripple breakout on March 16 has been underpinned by robust volume on the up days. For example, on the breakout day of March 16, in which it closed up almost 6%, volume closed 3x the daily average. On March 20, it closed up roughly 13% on double the average daily volume. As for today, it is up 6% on double the average volume.

The Relative Strength Index (RSI) still has not reached an overbought condition, offering traders more upside in the short-term. If $0.55 holds today on a closing basis, the February 22 high at $0.650 and the 0.786 Fibonacci retracement level at $0.667 are the next pertinent resistance levels for Ripple.

If selling remains limited on down days, XRP price can challenge higher values, including the February 1 high at $0.757 and even the 1.618 Fibonacci extension of the February decline at $1.013.

XRP/USD daily chart

XRP/USD daily chart

On the downside, the $0.500 price level is HUGE support. A breach below $0.500 will push Ripple to the 50-day SMA at $0.479 and then the 100-day SMA at $0.406.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!