XRP is fighting for the opportunity to participate in a possible bull run at this crucial juncture. There are three critical price points that XRP has to cross in order for this to occur. It looks like XRP has a long way to go before experiencing a bull run, and there are some formidable resistance levels ahead.
Around $0.63, or the 50-day exponential moving average, is the first obstacle for XRP. A popular technical indicator that frequently serves as a level of resistance or support is the 50 EMA. This level has been a source of conflict for XRP, as bulls and bears have fought for control. A strong break above this level may indicate a change in the mood of the market from negative to positive.
When the price rises over the 50 EMA, around $0.67 is the next resistance level. In the past, this level has served as both a powerful point of resistance and a collapse. Pullbacks have occurred as a result of the asset’s inability to sustain momentum past this mark, highlighting the significance of this level for traders. A strong push above $0.67 would be a noteworthy demonstration of strength and may open the door for more gains.
At $0.71 is the third and maybe most important threshold. At this specific price, XRP had a severe decline in November that resulted in a significant loss of value. It stands for a psychological roadblock and a breaking point that XRP needs to go beyond in order to change its negative storyline. If this level is broken, investors may get more upbeat, which might start a bullish trend.
The possibility of XRP going on a bull run towards the highs of 2023, which are about $1, grows more plausible if it is able to overcome these three levels. But in spite of the technological arrangements, it seems that there isn’t now a catalyst for such a breakthrough.
