Three XRP Price Levels That Must Be Conquered for the Start of a Bull Run
XRP is currently in a crucial phase as it battles for the opportunity to enter a potential bull run. To achieve this, there are three key price levels that XRP must surpass. The path towards a bull run for XRP seems challenging, with significant resistance levels awaiting.
The first obstacle for XRP is at approximately $0.63, which aligns with the 50-day exponential moving average. The 50 EMA is a widely observed technical indicator that often acts as a support or resistance level. For XRP, this level has been a point of contention where bulls and bears have been fighting for dominance. A decisive breakthrough above this level could indicate a shift in market sentiment from bearish to bullish.
Ascending beyond the 50 EMA, the next resistance level stands at around $0.67. This level has previously served as a strong resistance point and a breaking point. The asset’s inability to sustain momentum beyond this level has led to pullbacks, emphasizing its significance for traders. A definitive climb past $0.67 would demonstrate significant strength and potentially open the door to further gains.
The third and possibly most critical level is at $0.71. This particular price point is where XRP experienced a sharp decline in November, resulting in a substantial loss of value. It represents a psychological barrier and a breaking point that XRP must overcome to change its bearish narrative. Surpassing this level could inject a surge of optimism among investors and potentially trigger a bullish trend.
If XRP manages to conquer these three levels, the likelihood of embarking on a bull run towards the highs of 2023, which hover around $1, becomes increasingly believable. However, despite the favorable technical setups, there is currently no apparent catalyst for such a breakthrough.