XRP has seen a recent rally that has pushed its price up to an important resistance level of around $0.54. This price level has acted as strong resistance over the past week, with XRP failing to break above it in three separate attempts.
This suggests there is significant selling pressure around $0.54 preventing further upside for now. The good news is that indicators like the Money Flow Index show selling pressure is low overall.
XRP likely needs a new catalyst to finally overcome resistance and break out above $0.54. Ripple’s recent win in its lawsuit against the SEC helped spark the current rally, so additional positive developments could provide the push XRP needs.
One potential catalyst is Ripple recently securing a license to offer digital asset services in Singapore. This paves the way for increased institutional investment and liquidity for XRP in Asia.
Initial data shows some positive reactions, with a spike in social volume and active addresses. However, sellers emerged again at around $0.54. While the Singapore license is a step in the right direction, XRP will likely need more catalysts like this to finally break out above the current resistance level.
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