The crypto-verse’s favourite remittance coin, XRP, has had an impressive month of March, rising by 68% from a local low of $0.3473 to a local peak of $0.5850.
XRP Conquers the 200-day and 200-week Moving Averages
The one-day XRP/USDT chart below, courtesy of Tradingview.com, further shows that the remittance coin is in bullish territory at current $0.55 price levels above the 50-day (white), 100-day (yellow), 200-day (green) and 200-week (red) moving averages.
XRP/USDT successfully conquering the 200-day and 200-week moving averages provides further evidence that the remittance coin has entered a potential bull run that could coincide with the halving hype surrounding Bitcoin.
However, XRP’s daily MFI (green), MACD, and RSI (red) point to an overbought scenario that warrants a pullback for XRP/USDT, at least in the short term.
In this case, the psychological $0.50 price area is the level to watch in case of a pullback. This level also coincides with the location of the 200-week moving average, further cementing it as a formidable support moving forward.
But at the same time, XRP/USDT has gone parabolic above the 50-day, 100-day and 200-day moving averages. If the $0.50 price area is lost, XRP could find some solace at the 200-day moving average around the $0.40 price area.
A Golden Cross Looms for XRP/USDT
The pullback mentioned above might also not happen, given that XRP/USDT has a pending bullish Golden Cross between the 50-day and 200-day moving average, leading to another potential consolidation scenario above the 200-week moving average before another push to higher levels and towards $1.
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