Famous crypto analyst Cryptorphic provided a technical analysis of XRP based on price changes over the past 3-days. In a recent X post, the analyst highlighted that XRP has been dealing with major resistance points and could rise if some factors are met.
The analyst also covers his previous analysis of XRP. The token met a strong selling wall at the 50-day Exponential Moving Average (50EMA) and the 0.618 Fibonacci retracement level, which provided massive resistance to the XRP price so they failed to provide it with upward impetus.
However, in a recent positive turn, the token managed to breach these obstacles pretty effectively, regaining one more crucial resistance line at $0.63. This was interpreted as a bullish signal to show that the token may be picking leverage to push the price even higher.
XRP Nears Key $0.58 Resistance
At the moment XRP is in a very important level, being traded just below other major resistance at $0.58. Cryptorphic noted that this level is the next major test for bulls to overcome.
Should the token manage to cross this trendline, there could be a massive climb which could take XRP to the high of the local range of $0.9380. This target means a relative increase from the current levels and, therefore, crossing the $0.58 This could encourage higher buying interest, which would be followed by even higher prices.
However, Cryptorphic also reveals the support levels as they imply the possibility to stand for token price breakout. The essential support area was found to be $0.41-$0.42 has stayed strong to this present day, giving a significant support to coin should there be some retracing in the market.
This support has been resilient in spite of different whipsaws in the market, and this shows that there is spirited defense of this level by buyers. This might help to contain further declines of token if bear pressure rears its ugly head again.
Meanwhile, XRP remains accepting under the $0.58 resistance, market participants are inclined to increase their attentiveness with regard to detecting further attempts. The analyst believes that the upcoming days may be very decisive for the situation with XRP. Such a breakout above $0.58 may create a strong rebound.