Ripple hit a barrier at $0.5 but appears to have embraced support at $0.45.
XRP/USD path with the least resistance remains upward but most people wait for a confirmed spike above $0.5.
The cross-border token broke out during the weekend in a series of engulfing candlesticks. In the course of the trading last week, $0.31 emerged as a critical barrier. XRP/USD was forced to seek balance at $0.28 before resuming the uptrend.
At the time of writing, XRP is teetering at $0.46 following a minor retreat from the recent high. On the downside, $0.45 is coming up as a formidable support area. Closing the day above $0.45 would allow buyers to focus on taking up more positions and creating enough volume for gains above $0.5.
XRP/USD daily chart
The Relative Strength Index is in the overbought area but hints at prevailing stability for the cryptocurrency in the near term. However, traders need to be on the lookout for the direction the RSI takes because forming a lower high pattern would be a bearish signal. A breakdown from the current price level might seek refuge at $0.3, $0.28, the 50 Simple Moving Average, and 100 SMA.
On the other hand, hitting levels above $0.5 would help invalidate any bearish tendencies, placing XRP on a trajectory to $1. For now, keeping the price above $0.45 is key to the bulls, since they will have ample time to plan for the spike to $1.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at firstname.lastname@example.org