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XRP is currently in a critical phase, battling for a right to enter a potential bull run. For this to happen, there are three key price levels that XRP must breach. The journey toward a bull run for XRP appears tough, with significant resistance levels lying in wait.
The first hurdle for XRP is at approximately $0.63, which coincides with the 50-day exponential moving average. The 50 EMA is a widely watched technical indicator that often acts as a resistance or support level. For XRP, this level has been a point of contention, where bulls and bears have battled for dominance. A conclusive break above this level could signal a shift in market sentiment from bearish to bullish.
Ascending beyond the 50 EMA, the next level of resistance stands at around $0.67. This level has previously acted as a strong resistance point and a point of a breakdown. The asset's inability to maintain momentum past this point has resulted in pullbacks, underscoring the importance of this level for traders. A decisive climb past $0.67 would be a significant show of strength, potentially paving the way for further gains.
The third and perhaps most critical level is at $0.71. This particular price point is where XRP experienced a sharp downturn in November, leading to a considerable loss in value. It represents a psychological barrier and a point of breakdown that XRP must overcome to alter its bearish narrative. Penetrating this level could inject a surge of optimism among investors, potentially triggering a bullish trend.
If XRP manages to conquer these three levels, the likelihood of embarking on a bull run toward the highs of 2023, which hover around $1, becomes increasingly believable. However, despite the technical setups, the catalyst for such a breakthrough appears to be nonexistent at the moment.
Alex Dovbnya
