Ripple’s native token XRP has went through another wild ride surging almost 40% today. Price was let free after it broke key resistance of $1.10. Investors are continuing their bullish stance of XRP as the SEC case slowly falls apart.
The price of XRP is up 170% in the last seven days as it aims to catch up on missed gains during this current bull cycle.
Other large cap coins have outperformed XRP tremendously the last 6 months. This may not be the case soon if XRP can continue this bullish momentum.
XRP Price Analysis: 4 Hr Chart
The XRP price has formed an ascending channel , starting at $0.60 nearly a week ago. After a mind blowing 40% move the last 24 hours, price has reached a resistance at $1. 40 coupled with the top trend of its ascending channel .
If the top trend of this channel can break along with resistance at $1. 40 , XRP will surge to $1.60+.
In contrast, If the bears can manage to gain more control, we can start to see XRP’s terror run cool off. If this becomes the case, expect price to retrace to support range of $1.13- $1.22. Although this seems the most reasonable, the XRP bulls haven’t showed signs of weakness just yet as trading volume surges to levels only seen a few times this year.
While looking at the Relative Strength Index , we can conclude buyers are still interested as the RSI is staying in the overbought territory. This is when price moves fast and explosive. The MACD tells a similar story as well. The histogram is continuing green ticks and is positioned to stay bullish for more candle closes. The blue MA used in the MACD is hitting levels that haven’t been seen in 2 years+.
XRP Price intraday levels
- Spot rate: $1.43
- ??Trend: Bullish
- ??Volatility: High
- Support: $1.23
- Resistance: $1. 40
