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XRP has had a wild last 24 hours of trading as it was once the highest gainer in the top 100 for the day. Earlier today, news dropped that the Japan to Philippines corridor went live for Ripple’s ODL service which utilizes XRP. This shows a strong use case is occurring for XRP as it is being used as a bridge currency for cross border transfers. Once this news dropped, XRP shot nearly 20% in about an hour.
XRP Price Analysis: XRPUSDT 4 Hr Chart
While looking at the chart, we can see XRP now has a distinct higher high set for the first time in a couple months. Thanks to the news today, XRP has barreled through its breakout box but has since retraced back to support. Just over the past week, XRP has shown a very distinct bullish pattern. This pattern is called an Adam and Eve and is created with a V shaped bottom then followed by a rounded bottom. Once XRP can break over its box, it’s free for a push to its given targets.
For the first time in nearly 3 months, the 200MA is now acting as support. This is a great sign that the trend has now changed to short term bullish. If bears continue immediate control, XRP may drop back to its major support of $0.681. If this support can not hold, XRP will likely fall harder to its support box from $0.611-$0.634.
- RSI: While looking at the RSI, we can see strength just broke into overbought territory but was fiercely rejected. It has now formed a bullish flag pattern and a breakout to either side will likely come along a cascade of price movement.
- MACD: The MACD has been continuously rising higher and higher but now has a slight bearish bias as the histogram is starting to tick down. A break below the 0 line will send price down to support.
XRP Price Intraday Analysis
- Spot rate: $0.6991
- Trend: Bullish
- Volatility: Medium
- Support: $0.681
- Resistance: $0.71
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