The post XRP’s Make-or-Break Moment, Needs Surpass $0.634 Mark to Gain Bullish Momentum appeared first on Coinpedia Fintech News
Market analyst Cryptoes points out the current difficulty as XRP deals with a significant resistance zone. As XRP is facing an important moment experts highlight the need to go beyond the $0.6345 hurdle for a potential 14% increase.
XRP Needs $0.6345 Close for 14% Surge
XRP has bounced back from its recent low of $0.5973 on November 30, with a 4.2% increase to reach $0.6226. However, facing resistance at $0.6348, Cryptoes emphasizes how important it is for XRP to keep up the positive momentum and stresses the critical need to close above $0.6345.
Meanwhile, Cryptoes outlines two crucial price ranges on the chart: a green bar, which is a strong resistance area from $0.6226 to $0.6345, and a blue bar extending from the November 9 high of $0.7078 to the November 7 high of $0.7160, aiming for the $0.72 mark.
However, the analysis is based on the formation of a cup and handle pattern on the daily chart, indicating a temporary pause before a possible return to an upward trend.
Cryptoes says XRP’s journey to $0.72 depends on successfully closing above the $0.6345 zone. At the moment XRP is trading at $0.6293, staying within the green resistance bar but needs a 14.4% increase to reach $0.72.
XRP’s Bullish Return to Sentiment Status
In a similar observation, chartist EGRAG notes XRP’s return to what he calls the “sentiment status” as it approaches $0.6345. This status includes a wider price range from $0.63 to $0.70.
Previously, XRP was in the “structural formation” zone between $0.5369 and $0.5851, but it broke out on November 22, slipping back into the sentiment status with recent positive momentum.
EGRAG, using the 4-hour chart, emphasizes how important it is for XRP to close multiple times within the sentiment status to keep the positive momentum going. Going beyond this status could bring the “macro range” into play, positioned above $0.74, as reported earlier by Coinpedia News.
With XRP up 1.74% in the past 24 hours and a surge in 24-hour volume to $1,122,238,771, investor interest is picking up amid the broader market upswing. XRP’s market cap is now close to BNB’s current valuation.
#News [Source: Coinpedia]