- XRP breaks free from a seven-month resistance trendline, indicating a bullish breakout.
- Technical indicators suggest a potential for the XRP price to reach $0.75 with sustained buying momentum.
- Market sentiment remains bullish for XRP, with indicators showing extreme greed and a positive outlook for future price growth.
XRP has shown a slight decrease in bullish momentum this week but has experienced a slow yet steady recovery, recently breaking out from a seven-month resistance trendline
The cryptocurrency market has been on a bullish streak, surpassing the $2 trillion mark, with major coins rallying alongside Bitcoin. However, XRP has shown a decrease in bullish momentum this week. Despite this, the coin’s price has increased by 11% from its recent low of $0.534 to trade at $0.59.
XRP has been experiencing a slow but steady recovery since last month, supported by an ascending trendline. The coin’s price recently broke out from a seven-month resistance trendline, indicating a potential bullish trend. However, the short body candle and low volume suggest a lack of strong conviction from buyers.
If the buyers can sustain the price above the breached trendline, XRP may continue its recovery towards the $0.75 mark. The Bollinger Band indicator shows that the price is challenging the upper boundary, indicating active recovery momentum. Additionally, the MACD indicator has shown a bullish crossover, suggesting that buyers are in control of the asset.
Based on current predictions, the price of XRP is expected to rise by 27.06% and reach $0.754519 by March 6, 2024. Despite this positive outlook, traders should monitor the price closely, as a failure to sustain above the trendline could lead to a retracement back to the lower trendline.
