XRP takes a breather as buyers hold $0.41

  • Ripple price has defended a key support level at $0.41. 
  • The TD Sequential indicator has presented a significant buy signal.
  • XRP doesn’t face a lot of resistance to the upside but needs more bullish momentum.

XRP had a major sell-off like the rest of the market, but bulls have managed to hold and defend a major support level at $0.41. Ripple price aims for a significant rebound as a key indicator also presented a buy signal.

Ripple price prepares for a potential rebound to $0.66

On the 6-hour chart, Ripple price has defended a key support level located at $0.41 and formed at the beginning of February. On top of that, the TD Sequential indicator has just presented a buy signal for the first time in months adding even more credence to the bullish outlook.

XRP/USD 6-hour chart

There seems to be almost no strong barriers on the way up besides the 50-SMA at $0.5 and the 100-SMA at $0.52. Climbing above both levels will easily drive Ripple price towards $0.66.

On the flip side, bears try to push XRP below the critical support level at $0.41. Losing this key point has the ability to drive Ripple price towards a new low at $0.34.