XRP has shown strong bullish momentum, following a local low a few days ago as per analysis by Lucky Chart Ape. This uptrend is particularly noticeable in the XRP/USDT perpetual contract on the 30-minute chart.
The price of XRP has formed a series of higher highs and higher lows as it continues its upward trajectory. The current price uptrend puts the price range within an ascending channel with traders currently eyeing the 38.2% Fibonnacci retracement level.
This level is around $0.5780, as a critical support area. This level represents a shallow pullback, which could serve as a foundation for the next upward move.
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Key Support and Resistance Levels to Watch
Besides the 38.2% level, other significant support levels include the 61.8% Fibonacci retracement at $0.5761 and the 100% retracement at $0.5539. If XRP faces stronger selling pressure, these levels could offer a cushion to the downside.
However, the current sentiment favors a continued uptrend, with the shallow pullback scenario likely to play out if the 38.2% level holds.
Moreover, resistance levels are also key to understanding the next potential moves. Immediate resistance is located at $0.5932, just above the current price level.
Breaking through this resistance could lead to further bullish momentum, pushing the price toward the upper resistance zone between $0.5952 and $0.5991. These levels may attract sellers, but if buying pressure remains strong, XRP could break through and extend its upward movement.
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Market Sentiment and Its Impact on Price Action
Additionally, market sentiment plays a key role in shaping XRP’s price action. The weighted sentiment and social dominance of XRP have shown a strong correlation with price swings.
Positive sentiment spikes often coincide with price increases, especially during periods of high social activity. This suggests that a continued positive sentiment may support the ongoing uptrend.
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