• XRP broke above the 50-day moving average, initiating a rally toward the next critical resistance level at $0.4.
• The rally came to a halt after reaching the 100-day moving average, and the price is now attempting to surpass it.
• Technical analysis suggests that a minor drop might occur if the price fails to break above the 100-day moving average.
After four straight weeks of price fluctuation with extremely low volatility, XRP finally initiated a rally and broke above the 50-day moving average. This resulted in a surge in the price of XRP, and it eventually reached the critical resistance level of $0.4. This level is considered to be the next major milestone for the cryptocurrency, as it has not been able to break past it for several months.
However, the uptrend came to a halt after reaching the 100-day moving average, and the price of XRP is now attempting to surpass this point. This resistance level is proving to be difficult to break as the bulls have been unable to push the price past it. If they are successful, the next target for XRP will be the 200-day moving average, which is located at the $0.5 mark.
Technical analysis of the daily chart of XRP suggests that a minor drop might occur if the price fails to break above the 100-day moving average. If this happens, XRP could fall back to the 50-day moving average. If the bulls are able to hold this point and the price does not fall below it, the cryptocurrency could attempt to break past the 100-day moving average again.
The overall market sentiment for XRP is still positive, and the long-term outlook for the cryptocurrency remains optimistic. If the bulls are able to break past the 100-day moving average, XRP could potentially reach the $0.5 mark in the near future. Moreover, there are also rumors that Ripple is set to announce a major partnership soon, which could provide an additional boost to the price of XRP.