XRP Price Breaks Through 7-Month Resistance, Eyes $0.75

• 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

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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.

Read also:

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• What Top Analyst Says About XRP’s Forthcoming Rally
• What Could Propel XRP to Skyrocket by Over 700%? Analyst Weighs In
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