XRP: Asset price approaching critical $0.70 resistance level
XRP: Asset price approaching critical $0.70 resistance level
The last 24 hours have been quite eventful for the XRP token, as on Tuesday an unknown person tried to manipulate the price of XRP and registered an organization called iShares XRP Trust with BlackRock and its managing director Daniel Schwieger.
This news caused the price of the asset to rise 12% to $0.74 in just 30 minutes. Afterwards, Bloomberg ETF analyst Eric Balchunas wrote that the offer was fake, and XRP returned to its previous level of $0.62.
It's worth noting that the XRP community wondered why BlackRock decided not to register a legitimate XRP-based ETF. One community representative (@DigPerspectives) stated that XRP rightfully deserves an ETF investment vehicle, as it is the only digital asset with regulatory clarity.
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XRP is currently trading at $0.647 on the daily chart.
The asset is approaching critical resistance at $0.70. This barrier is once again a collision point between bulls and bears, and the outcome could determine the direction of XRP's future movement.
XRP's price action has taken the asset above its 50-day and 100-day moving averages, indicating the potential for a bullish trend.
In addition, the Relative Strength Index (RSI) is hovering around the mid-range, neither overbought nor oversold, signaling that there may be more room for upward movement. This provides a springboard for the cryptocurrency to potentially rise and break through the $0.70 level.
However, a rise above $0.70 XRP will require a steady influx of buying activity. Breaking through this level will pave the way for the next resistance levels at $0.75 and above.
On the other hand, if XRP fails to break the $0.70 barrier, there will be a profit-taking pullback and a retest of the support level around $0.65, where it could consolidate before attempting the next move higher.
See also: Justin Sun bought 764,740 MATIC on Binance.
