How XRP Can Gain 12% More by Overcoming This Key Resistance Level

XRP has seen a mixed performance in the past week, gaining about 6% but losing around 3% in the daily and weekly time frames respectively. The coin has struggled to break above the $0.50 resistance level, which is crucial for its bullish momentum. The technical indicators suggest a downward trend for XRP, as the demand and accumulation zones have decreased on the chart. The buying pressure has also weakened after the coin fell below the $0.50 mark.

XRP Numbers on Friday

The crypto market has been influenced by Bitcoin’s movement, which has entered the $30,000 range recently. Other major altcoins have also followed Bitcoin’s lead, but have faced strong resistance levels. Therefore, XRP needs to overcome the $0.50 barrier to initiate a positive rally.

The $0.50 level is a crucial resistance that XRP needs to break and turn into support. If the cryptocurrency can stay above $0.50 for several sessions, it may trigger a rally. XRP’s market cap has also decreased, showing a decline in buying pressure.

XRP struggled to stay above $0.50 and was trading at $0.49 at the time of writing. The altcoin could see a slight increase from buyers, which might help it break above the $0.50 barrier again.

A key resistance level for XRP is $0.53. If this level is breached, XRP could aim for $0.56, which would be a significant 12% increase.

On the other hand, a drop from the current price level would push XRP down to $0.47. The trading volume of XRP during the last session was negative, indicating that sellers had more pressure than buyers.

A slight rebound in buying pressure failed to restore investor confidence after the recent price drop. The Relative Strength Index (RSI), which measures the balance of buyers and sellers, was just below the midpoint, indicating that sellers had the upper hand at the time of writing.

Moreover, the price of the asset fell below the 20-Simple Moving Average line, which reflects the average price over some time. This suggested a decrease in demand and implied that sellers were influencing the price direction in the market.