After a significant increase of almost 70% from its recent lows, the price of XRP has started to pull back.
1. Ongoing Pullback
XRP saw a surge that almost reached 64 cents during this week’s rally before a return of selling pressure caused a pullback that is currently in progress.
2. Strong Support Maintained
Although selling pressure has been prevalent in the past two days, buyers have held the line at the key support level of 54 cents. Keeping XRP above this level could pave the way for a future rally.
3. Bullish Outlook Prevails
Despite the recent price cooldown, the prevailing sentiment remains bullish. The daily RSI, which was previously overbought, has now retraced to 60 points, potentially setting a strong foundation for the next upwards movement. As long as the RSI stays above 50 points, the bias remains favorable for further gains.
Image Source: Ira Lichi / Shutterstock
