Buyers seem interested in the entry level of $0.60 and have the ability to push XRP firmly above that entry point, even closing above it for three consecutive days.
The price of XRP has been hovering near the 55-day simple moving average (SMA) for the past two weeks. Sellers and buyers are using this barrier as a key breakout level in both directions.
Since September 55th, the price of XRP has formed a pennant pattern. In this technical pattern, Ripple has successfully pulled back its 0.65-day moving average, and as long as it can now withstand the strength of sellers near the $0.66 to $0.70 level, it is a hopeful sign.
With earnings season approaching, market risk appetite has also increased positive signals. Overall, risk appetite should be a driving force for cryptocurrencies and boost the overall sentiment of major cryptocurrencies such as Bitcoin, Ethereum, BNB, Cardano, and XRP.
There is still a long way to go for Ripple, but if the price can push sellers to build positions above the 55-day moving average, it should reach $0.70. This is the first key resistance level and psychological level for buyers.
If the positive sentiment in the market continues to play out, we may see a significant rise in the 200-day moving average.
If sellers further push down XRP, it is expected to fall to the purple ascending trendline within the pennant. If it breaks through, please pay attention to the $0.60 level as an entry point.
XRP Breaks Through Resistance Heading Towards 070 