Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• XRP has strong short-term bullish momentum and sentiment
• The daily chart also reflected bullishness, but the $0.55 level was critical

Ripple [XRP] posted impressive gains over the last week following Bitcoin’s [BTC] move past the $30k mark. Comparisons between the XRPL Ledger and the Bitcoin Lightning Network came to the fore over the weekend. You can learn more here.

Is your portfolio green? Check the XRP Profit Calculator

On the price action front, AMBCrypto highlighted that a move past the $0.5 psychological level could be immense for the XRP bulls. But we still haven’t seen the $0.55 resistance cleared. Can the bulls make it happen this week?

The resistance zone from August stands in the way of XRP bulls

The one-day chart of XRP noted a bullish market structure developed over the past ten days. Yet, the importance of the local highs at the $0.55 level can not be underestimated. There was a bearish order block (red box) at the $0.513-$0.55 region from late August.

XRP traders also established a range (orange) that stretched from $0.47 to $0.55. The mid-range level was at $0.51 and has been tested several times as both support and resistance. This

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Author: Akashnath S

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