Crypto analyst MikybullCrypto has identified potential bullish momentum for XRP, citing a breakout from a prolonged downtrend on the Relative Strength Index (RSI). This development suggests strengthening market sentiment for the digital asset.
Breakthrough in XRP’s Downtrend
XRP's price has been constrained by a descending trendline, connecting multiple lower highs, which has acted as a strong resistance barrier. The recent breakout from this trendline indicates a possible shift toward a bullish trend.
XRP's Support and Resistance Levels
XRP has established a primary support level near $0.50, which has provided stability during previous consolidations. A secondary support level exists between $0.25 and $0.30. On the resistance side, the immediate challenge lies at the descending trendline in the $1.00-$1.20 range. Surpassing this level could signal a bullish reversal. The $2.00-$2.50 zone represents a significant resistance as XRP faced strong rejections there during previous bullish cycles.
RSI Shows Strengthening Market Sentiment
The RSI, currently approaching the 40–45 range, has historically triggered rebounds in XRP’s price. This suggests the asset may be gaining strength, potentially leading to upward price movement. At press time, XRP is at $0.671781, highlighting a 3.51% uptrend within the last day with a trading volume of over $10 billion.
In conclusion, XRP exhibits potential bullish signs according to various technical indicators, which may indicate a shift in market trends. However, investors should exercise caution due to current volatile conditions.
