Ripple [XRP]: Bulls defend $0.412; can they bypass the $0.45 hurdle

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

On March 21, Ripple [XRP] appreciated 30% amidst renewed optimism that Ripple Labs could win against the SEC lawsuit. It jumped from $0.3733 to $0.493 but retraced after Bitcoin [BTC] temporarily lost hold of the $28k zone. 

Read Ripple’s [XRP] Price Prediction 2023-24

At press time, BTC’s value was $27.50k, and it could block XRP from clearing the key obstacle at $0.4491. As such, XRP’s price action in the next week will be largely determined by new developments on the SEC lawsuit and BTC’s price movements. 

Source: XRP/USDT on TradingView

The $0.4118 support level checked XRP’s retracement. But the recovery was blocked at $0.4491, setting it to a correction. However, bulls have defended the 20 EMA (exponential moving average) of $0.4134, prompting another short-term rally. Therefore, bulls must clear the $0.4491 obstacle to continue with the recovery. 

A close above $0.4491 could tip bulls to push XRP to the bearish order block of $0.4746. A retest of the $0.5 level could be likely if bulls could clear the bearish order block. 

Alternatively, near-term bears could gain market entry if XPR closes below $0.4491. They will likely sink XRP to retest the 20 EMA or the $0.4118 support. Any drop below $0.4118 could attract increased selling pressure, pushing XRP to 200 EMA or $0.3982. 

The Relative Strength Index (RSI) bounced sharply from the 50-mark, showing increased buying pressure. Similarly, the Accumulation/Distribution indicator exhibited an uptick, showing the asset was undergoing a short-term accumulation phase. Collectively, these trends show’ bulls’ leverage