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After experiencing considerable growth at the beginning of the month, XRP’s price experienced a pattern reversal, and the coin has been in a downtrend since April 18. Renewed bullish momentum seems to have infiltrated the XRP market, and a trend turnaround has now occurred, allowing the coin to report consistent gains over the last 24 hours.
XRP was valued at $1.18 at the time of publication, with a market capitalisation of more than $50 billion. Although the short-term market momentum seems positive, XRP has lost nearly 23% of its value in the last week.
XRP 1-day chart
According to the daily chart, the price of XRP has been able to maintain revived bullish traction in the last 24-hours and may break free from the sideways trend it has been exposed to since April 23. The coin’s trading price is close to its immediate resistance level of $1.22, and if this level is broken in the next 12-hours, XRP will head towards the $1.40 price zone.
Traders will benefit from long positions and take profits around the second resistance in this situation. If the $1.22 price level is broken, XRP may experience a minor price reversal, with a switch to the $1.03 support not being ruled out.
The technical indicators for XRP seem to be bullish. The MACD indicator has completed a bullish convergence, indicating that the uptrend may continue. The RSI index has also taken a similar stance, moving away from the neutral zone and closer to the overbought zone. If there is no pattern reversal in these indicators, the bullish momentum in the XRP market can prevail, allowing the coin to break through its immediate resistance level.
Important levels to watch out for
Take profit: $1.38
Stop loss: $1.06
Risk/Reward ratio: 0.71
If the bullish trend continues in the short term, XRP could quickly reach the $1.40 price range in the coming week. Traders will gain from long positions in the coming week if the imminent resistance is turned into a buffer.