XRP (Ripple) rebounds from $1.05, revives... Breaks 'here' to reach $1.28

▲ Photo: XRP

XRP, which rebounded from the $1.05 support line, is attempting to break through the 50-day moving average, which has hindered its upward trend for several months. While buying interest has revived, giving strength to the technical rebound, analysis suggests that a breakthrough of the $1.19 resistance line must first be confirmed to reverse the mid-to-long-term downtrend structure.

According to U.Today, a cryptocurrency specialized media outlet, on July 6 (local time), XRP rose from the $1.05 support zone and made its strongest recovery attempt in recent weeks. As the upward momentum rapidly strengthened, it tested the vicinity of the 50-day exponential moving average, which had acted as a ceiling during the previous decline.

The technical market structure remains bearish. XRP broke out of a descending triangle pattern earlier this year and formed lower highs and lows for most of June. However, with the recent rise pushing the Relative Strength Index (RSI) above 50, the media interprets this as a sign that bullish momentum is reviving.

The key is the 50-day moving average near $1.19. If XRP breaks this resistance, it could be the first significant technical victory for bullish investors in months, potentially opening an upward path to the $1.28 area where the 100-day exponential moving average is located. The analysis also notes that trading volume increased during the recent recovery, adding to the reliability of the rebound.

It remains to be seen whether the rebound will continue in the face of strong resistance. If buying interest weakens below the 50-day exponential moving average, XRP could quickly retrace to the $1.10 support line. U.Today analyzed that while short-term upward momentum is favoring bullish investors, confirmation of a resistance breakthrough is needed to discuss a larger trend reversal.

[Key Summary of Article]

-XRP rebounded from the $1.05 support zone and tested the vicinity of $1.19, where the 50-day moving average is located.

-The Relative Strength Index rose above 50, indicating a recovery in bullish momentum, and increased trading volume also supported the recent upward trend.

-If $1.19 is broken, $1.28 is suggested as the next technical target, but if the rebound stops, there remains a possibility of retesting the $1.10 support line.

*Disclaimer: This article is for investment reference only and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*