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As of the time of writing, XRP is rapidly approaching the critical resistance level of $0.6533, sparking a new wave of optimism among traders and investors.
The XRP trading price is $0.5849, up 6.06%, and it appears to be ready to challenge this barrier.
Will a successful breakthrough lead the cryptocurrency to the next target of $0.7463, potentially opening up a new bullish trend?
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Is XRP ready to break through?
The price of XRP has been on an upward trend, approaching the significant resistance level of $0.6533.
Previous attempts to break through this level have resulted in pullbacks, but the recent uptrend and higher trading volume suggest that XRP may now have the strength to surpass it.
If it manages to break through this level, it could open the path to the next target of $0.7463.
Key technical indicators further support the bullish outlook. The Average True Range (ATR), which measures market volatility, has risen to 0.0217, indicating increased trading interest and the potential for significant fluctuations.
Additionally, the Moving Average Convergence Divergence (MACD) is showing a bullish crossover, with the MACD line at 0.0083 and the signal line at 0.0048.
The positive histogram bars further strengthen the upward momentum, suggesting that if XRP successfully breaks the resistance, its bullish trend may continue.
On-chain signals point to growth
On-chain indicators are also consistent with the bullish sentiment. According to Santiment analysis, the daily active addresses have recently reached 21,327, indicating an increase in network participation as of the time of writing.
Generally, an increase in active addresses suggests a rise in interest, which can drive price movements.
Furthermore, the total transaction count has climbed to 1.144 million, up 1.02% from the past 24 hours. This sustained activity and increased demand strengthen the case for a potential breakthrough.
Market sentiment: Balanced bull-bear ratio
The market sentiment is cautious but leaning bullish, with the bull-bear ratio nearly balanced as of the time of writing. Notably, the long positions account for 49.49% of the total positions, while the short positions account for 50.51%.
This near-equal split suggests that traders are waiting for a clear signal. However, a successful breakthrough could tilt this ratio towards the long positions, amplifying the bullish momentum.
Is XRP ready for a new round of rebound?
With strong technical indicators, rising on-chain activity, and a balanced but leaning bullish sentiment, XRP has the potential to break through the $0.6533 resistance level.
If it manages to break this level, XRP could genuinely target the $0.7463 mark, signaling the start of a strong bullish phase. The next few days will be crucial in confirming this potential trend.
