At present, traders are balancing the influence of the tech-related pressures of the short term on XRP with increasing evidence that XRP’s overall worldwide adoption is on the rise.
At the time of writing, the narrative appears to be becoming more positive primarily due to some changes in regulatory rules concerning the coin in Russia. At press time, the coin is trading at $ 1.45 with an increase of 0.39% over the past 24 hours.
Chart Points to Stabilization Above $1.40
The data from Tradingview shows that, as of today, XRP is experiencing some level of stabilization since coming back from February lows.
Bullish momentum is building but has not yet established itself in the market; however, the price has dropped below the 20-day SMA and below the midline of the Bollinger Bands.
Currently, the closest resistance levels for the coin are located around $1.68, with the second level being the larger supply zone near $1.83.
Additionally, for any bullish run from these levels, it must continue to find strong support within the $1.30-$1.25 price range; whereas if it maintains above the $1.40 level, it will help support the possibility of further bullish movement.
Also Read: XRP Massive Controversy: 13-Year Suppression Shakes Crypto
Russian Legislation Provides Positive Sentiment
According to the recent update on X by the user named John Squire, in which it discussed that Russia has put forward a bill that would enable investors to use the coin and other cryptocurrencies.
If the bill is enacted, it would provide the crypto market access to approximately 140 million people, therefore further validating the it adoption storyline and increasing it’s visibility for cross-border payments.
In conclusion, being technically hesitant about XRP in the near term suggests that there is good support for XRP around $1.40.
The continuing positive regulatory news (implying some form of security) creates an opportunity for a successful journey above $1.68 to form the first part of a longer-lasting rally as fundamentals align with the current market price of XRP.
Also Read: XRP Faces $1.5160 Barrier as Breakout Could Shift Market Direction
