Lorenzo Stroe
Independent Analyst
- Ripple price has defended a key support level at $0.41.
- The TD Sequential indicator has presented a significant buy signal.
- XRP doesn't face a lot of resistance to the upside but needs more bullish momentum.
XRP had a major sell-off like the rest of the market, but bulls have managed to hold and defend a major support level at $0.41. Ripple price aims for a significant rebound as a key indicator also presented a buy signal.
Ripple price prepares for a potential rebound to $0.66
On the 6-hour chart, Ripple price has defended a key support level located at $0.41 and formed at the beginning of February. On top of that, the TD Sequential indicator has just presented a buy signal for the first time in months adding even more credence to the bullish outlook.
XRP/USD 6-hour chart
There seems to be almost no strong barriers on the way up besides the 50-SMA at $0.5 and the 100-SMA at $0.52. Climbing above both levels will easily drive Ripple price towards $0.66.
On the flip side, bears try to push XRP below the critical support level at $0.41. Losing this key point has the ability to drive Ripple price towards a new low at $0.34.
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