Ripple price is on a rebound after pulling back from its three-week high on Monday. After the risk-off sentiment that dampened the crypto market in the past week, more buyers are entering the market.
Subsequently, the altcoin has held steady above $0.6000 since the beginning of the week. With the ongoing improvement of the market sentiment, the bulls are likely to gather enough momentum to push the prices past the next resistance level at $0.6500.
XRPUSD technical outlook
Ripple price is on a rebound after hitting an intraday low of 0.6099 earlier on Tuesday. At the time of writing, the altcoin was up by 0.22% at 0.6297. In the previous session, it surged to its highest level in three weeks at 0.6751 before pulling back. Over a span of one week, it has risen by about 22.68%. Notably, it is 7.33% higher than where it was at the beginning of the month.
On a two-hour chart, it is trading above the 25 and 50-day exponential moving averages. In the near term, I expect Ripple price to find support along the 50-day EMA at 0.6144.
At its current level, the bulls are eyeing the prior resistance levels of 0.6500 and 0.6751. On the flip side, a move below the aforementioned support level will have the bears targeting the psychological level of 0.6000 and Sunday’s low of 0.5876.