XRP, the fourth largest cryptocurrency in market capitalization, showed its price for the daily SMA 50 in 2.18 dollars in the last days, as a result of which traders are wondering when a real impulse can return.
The Daily SMA 50 was significant for the price of XRP, since it served as critical support and resistance during this cycle.
XRP lost the Daily SMA 50 when he fell below him in February. Despite several attempts to break higher, XRP could not create a sufficient number of purchases to decisively go through this key technical level.
Attempts to return above this level bent in February and twice in March. Despite the short rallies above the daily SMA 50, XRP with all his might tried to maintain a significant impulse, with the price action, it moves to a large extent to the side.
Right now, the Daily SMA 50 in $ 2.18 is a clutter at the price of XRP, preventing it from getting the soil. After several days of consolidation, since mid-April, XRP made a movement next to the rest of the crypto markets, rising above the daily SMA 50. In the sharp movement of the XRP, it restored to $ 2.3 on April 23. As expected, the bulls faced resistance at this level. Since then, the price of XRP has been stagnated near the Daily SMA 50.
XRP is trying to light an impulse
Currently, bulls are trying to revive the impulse, while XRP increases the optimistic news ETF.
According to recent reports, the SEC approved the public launch date on April 30 for XRP ETF Proshares Trust. At the weekend, Hashdex assets announced the launch of the XRP ETF, noting another milestone for cryptocurrency on the Brazilian Stock Exchange.
At the time of writing, the XRP has grown by 1.61% over the past 24 hours to $ 2.21, reaching an intraday maximum of $ 2.26.
In order for XRP to support its current impulse, this would require a convincing violation about the Daily SMA 50, supported by a large volume. Such a move can open the door for higher targets, including level 3 dollars, and restore the bull impulse.
However, if the XRP continues to stop and return below the daily SMA 50, it can return to the consolidation phase or reduce to lower levels, such as 2 US dollars, if sellers return control.
