Ripple’s XRP Surges: Will It Break $0.56 Resistance?

by Ouess

Ripple’s XRP has gained momentum, with its price surging 5% in the past 24 hours to surpass the critical $0.52 support level. Backed by strong investor interest, the altcoin is testing the $0.56 resistance level, aiming to turn it into a new support floor and target a move above $0.60.

XRP Rally Backed by Strong Investor Demand

XRP’s recent price increase comes as the altcoin attracts solid market interest, shown by a rise in its Chaikin Money Flow (CMF) indicator to 0.20. The CMF measures buying and selling pressure, and a rising CMF indicates an increase in buying pressure as more investors accumulate XRP. Traders often look for this alignment between a rising CMF and price movement to confirm a bullish trend with genuine market support.

XRP CMF. Source: TradingView

In addition, XRP’s Balance of Power (BoP) indicator sits positively at 0.36, signaling that buyers are currently dominating sellers, aiming to sustain the price rally.

XRP BoP. Source: TradingView

XRP Price Prediction: Testing Key Resistance

XRP’s bullish trend extends to its derivatives market, with a positive funding rate of 0.011% as of now. A positive funding rate suggests that perpetual futures contracts for XRP are trading at a premium, indicating that traders expect the price to continue rising.

XRP Funding Rate. Source: Santiment

If this momentum holds, XRP could break the $0.56 resistance soon, positioning it to target the $0.60 mark, a level it hasn’t reached since early October.

Possible Pullback to $0.52 Support

XRP Price Analysis. Source: TradingView

However, if XRP fails to clear the $0.56 resistance, it may retrace recent gains and fall back toward the next support level at $0.52.

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