The price of the XRP asset, which is now trading at about $0.5025, has finally surpassed the $0.5 threshold. Breaking this price level would signal the beginning of additional bullish action because it has long been seen as a psychological barrier. What, then, will happen to XRP? Now let’s get into the specifics.
The $0.5 cutoff is more than simply a numerical value; it also acts as a psychological barrier that traders frequently approach warily. The 200 Exponential Moving Average (EMA) will serve as the next major barrier to overcome if XRP is able to keep its position above this one. With the current momentum, the 200 EMA, which has historically been a difficult nut to crack, could just give way.
It’s interesting to note that the XRP trade volume has been declining. While normally this could indicate a lack of interest, in this situation it might indicate that the selling pressure is lessening. Fewer people are trying to sell their XRP, which may indicate a rising belief in the potential of the asset.
Let’s now discuss the feared “death cross,” a technical indication that frequently portends doom. The likelihood of a death cross happening decreases dramatically if XRP successfully breaches the 200 EMA. To put it another way, the asset would probably avoid a bearish crossover between its short- and long-term moving averages, preventing a potential market decline.
The absence of any considerable selling pressure throughout the weekend trading sessions suggests that more substantial investors may still gamble on a downward trend. However, the most recent price movement can alter this perception.
The 200 EMA is the next important level to observe. If XRP succeeds in doing that, it would not only reaffirm its bullish outlook but also greatly lessen the chance of a death cross.
