- Ripple retested a lower price level to move above $1.06400.
- The coin has similarly retested $1.06400 to climb above 1.31700.
- A successful breakout will see XRP/USD ascend to the next resistance at 1.64800.
XRP/USD has retested the $1.06400 price level in a bid to keep up its bullish campaign. Ripple has had to face off with many hurdles on its way up, but the current level looks to be the toughest encounter. Today marks one week since Ripple have been trying to break above the key level. The bullish campaign began on the 21st of July 2021 when the coin took off from the $0.52000 key level.
XRP Key Levels
Resistance Levels: $1.31700, 1.64800
Support Levels: $1.06400, $0.76300
A similarly tough resistance that the buyers had to face off with was at $0.76300. This is a major key level that constrained XRP after it dropped below it on the 21st of June 2021. The price eventually broke above it on the 7th of August. XRP/USD didn’t expend much energy to move above the next resistance at $1.06400. It simply retested a lower key level to move above it.
The $1.31700 resistance, however, strongly rebuffed the market. A spinning top candlestick pattern signifying indecisiveness is seen where the daily candle hits the resistance. This led to a sharp drop in price to $1.06400, and a sharp drop in the signal line of the RSI (Relative Strength Index) from the overbought region. This shows reduced momentum. The Elders Force Index, however, confirms that buyers still have the upper hand as its force line remains above the zero mark.
On the 4-hours chart, the fall in price has knocked the signal line into the selling half of the RSI chart. The signal has now ascended to the 62.88 mark after the coin retested the $1.06400 key level to move up. The EFI power line shows that more buyers are joining the ride-up in price.
Ripple will now face-off for the second time with $1.31700. A successful breakout from this level will see XRP/USD ascend to the next resistance at 1.64800.
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