Buyers seem interested in the entry point level of $0.60 and have been able to push XRP firmly above that entry point, even closing above it for three consecutive days.
The XRP price has been hovering near the 55-day Simple Moving Average (SMA) for the past two weeks. Sellers and buyers are using this barrier as a key breakout level in both directions.
Since September 55, the price of XRP has formed a triangular flag pattern. In this technical pattern, Ripple has successfully retraced its 0.65-day moving average, and as long as it can now withstand the strength of sellers near the $0.66 to $0.70 levels, this is a hopeful signal.
With earnings season approaching, the market’s risk appetite has also shown positive signals. Overall, risk appetite should be a driving force for cryptocurrencies, boosting the overall sentiment of major cryptocurrencies such as Bitcoin, Ethereum, BNB, Cardano, and XRP.
Ripple still has a long way to go, but if the price can push sellers to build positions above the 55-day moving average, it should reach $0.70. This is the first key resistance level and psychological level for buyers.
If the positive sentiment in the market continues to play out, we may see a significant rise in the 200-day moving average.
If sellers further push down XRP, it is expected to fall to the purple ascending trend line within the flag pattern. If it breaks through, pay attention again to the $0.60 level as an entry point.