XRP Faces Crucial Test as Price Struggles to Clear Key Technical Barrier
XRP's price action has been closely watched as it navigates its technical levels. Despite pushing up to $1.66, XRP was unable to secure a weekly close above the 50-week exponential moving average (EMA), which has raised concerns about the bulls' ability to break through this key barrier.
According to ChartNerd, an independent cryptocurrency analyst, the price is currently compressed between the 20-week and 50-week EMAs. He notes that traders should focus on the broader structure instead of reacting to short-term volatility, as XRP has not yet broken its key macro support.
The analyst points out that a clear break above the 50-week EMA would confirm a bullish setup for XRP and could open the path for prices to advance toward $1.80. However, if resistance at this level persists, XRP could face a deeper retracement, with possible retesting of the $0.98 region.