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Similar to Bitcoin and Ether, Ripple (XRP), is trading cautiously at the time of writing on Tuesday, with improving momentum indicators and supportive on-chain metrics keeping hopes alive for an upside breakout. At the moment, XRP is testing the upper boundary of its descending parallel channel, where a break above suggests a fresh rally. However, the bears remain in control amid the macroeconomic conditions in the broader cryptocurrency market. On-chain data shows a mild bullish bias XRP is down by less than 1% in the last 24 hours and is now trading at $1.44 per coin. The bearish performance comes despite bullish on-chain data. According to CryptoQuant’s summary data , XRP has a neutral to slightly bullish outlook. XRP’s spot markets show cooling conditions and buy-side dominance, with mostly neutral conditions across other metrics, suggesting a potential upside move. On the derivatives side, Ripple’s data show a positive outlook. The funding rates data for XRP support improving sentiment. CoinGlass’ OI-Weighted Funding Rate data for XRP flipped positive on Friday, reading 0.0048% on Tuesday. This positive rate indicates that longs are paying shorts and projecting a bullish sentiment. However, the ongoing tension in the Middle East weighs on the broader crypto market. United States President Donald Trump rejected Iran’s counterproposal to end the war in the Middle East, saying that it is “totally unacceptable.” According to a CNN report, the proposal leaned on Iran’s sovereignty over the Strait of Hormuz while seeking compensation for war damages. Meanwhile, Iranian Foreign Ministry spokesperson Esmail Baghaei said that everything in the proposal was “reasonable” and “generous” for Iran’s national interests as well as for the region’s and the world’s stability. XRP technical outlook: XRP could drop below $1.43 The XRP/USD 4-hour chart remains bearish and efficient after the price was rejected around the $1.50 psychological level over the weekend. At press time, XRP is trading at $1.44, above the 50-day EMA around $1.41. However, XRP remains capped by the upper boundary of the prevailing downward parallel channel near $1.48 and the 100-day EMA at $1.49, keeping the rally in check. The Relative Strength Index (RSI) on the 4-hour chart hovers around 61. Furthermore, the Moving Average Convergence Divergence (MACD) remains above the zero line, suggesting improving bullish momentum. If the sellers remain in control, they would encounter immediate support at the 50-day EMA around $1.41, with the next notable floor at the horizontal level of $1.30. However, if the bulls regain control, they could push XRP towards the first major resistance level at $1.48, followed by the 100-day EMA at $1.49. A daily candle close above these levels would expose the 200-day EMA near $1.71 and, beyond that, the major horizontal barrier around $1.90. The macroeconomic conditions could determine how XRP performs in the near term. The post XRP tests crucial resistance as bullish data points to possible upside move appeared first on Invezz