After rebounding from the lower side of the rising channel that has been in play since the end of January, Ripple (XRP) is trying hard to get back to its higher levels. Apart from having random outbursts in the upwards direction, the crypto keeps finding strong resistance areas, which force Ripple to move back down, losing almost all of the outburst gains. That said, as long as the lower bound of the channel remains intact, we will continue slowly targeting higher areas, at least within the channel.
A strong push above the 0.3172 barrier could invite more buyers into the game again and lead Ripple to its next potential area of resistance at 0.3310. This area is marked by the swing high of February 25th, which if broken may open the door to some higher levels. This is when we will examine the possibility of seeing a further push towards the 0.3375 hurdle, or even the 0.3420 barrier, which is near the high of February 19th.
Looking at our oscillators, the RSI and the MACD, both are suggesting that the upside momentum is picking up. The RSI has moved higher from its lows, near 35, and got above 50, which could be seen as a positive development, at least from the short-term perspective. The MACD, even though just fractionally below zero, it had also started showing signs of rising, by pointing higher and getting above the trigger line.
Alternatively, in order to examine the downside, we would like to see a break of the lower bound of the aforementioned channel and a price-drop below the 0.2935 hurdle, marked by the low of February 25th. This way the crypto would confirm a forthcoming lower low that could lead to the 0.2845 obstacle, which is the low of February 6th. If that zone fails to withhold the bear-pressure, then Ripple may continue with its slide, where the next support could be around the 0.2790, which marks the low of January 28th.
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