XRP Keeps Moving Towards The Key $1.00 Level

XRP Moves Higher Amid Global Crypto Rebound

XRP gained strong upside momentum after it moved out of the recent consolidation and managed to get above the 20 EMA at $0.88.

The general crypto market mood turned bullish in recent trading sessions, providing support to XRP, which maintains its top-6 position in the list of biggest cryptocurrencies by market capitalization with a total market cap of roughly $45 billion.

The leading coins, Bitcoin and Ethereum, are moving higher as well, which shows that investors are ready to put money into crypto after the recent pullback. The situation in Bitcoin is especially interesting as it trying to settle above its 20 EMA at $49,600. A move above this level will provide Bitcoin with an opportunity to develop strong upside momentum, which should push it above the $50,000 level. This scenario would be bullish for other cryptocurrencies, including XRP.

The Technical Picture Is Bullish For XRP

XRP is currently trying to settle above the 50 EMA which is located near $0.95. RSI remains in the moderate territory despite the strength of the recent upside move, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

In case XRP settles above the 50 EMA, it will get to the test of the next resistance at $0.9750. A move above this level will push XRP towards the psychologically important resistance at $1.00. If XRP gets above $1.00, it will move towards the next resistance at $1.03.

On the support side, the nearest support level for XRP is located at $0.9350. In case XRP gets back below this level, it will head towards the next support at $0.90. A move below this level will push XRP towards the support at the 20 EMA near $0.88.

Taking a look at the H1 chart, we can see that RSI has recently moved back into the moderate territory, so there are no technical obstacles for the continuation of the current upside trend in the near term. At this point, it looks that XRP has a very good chance to get to the test of the nearest resistance at $0.9750.

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