XRP appears to be on the brim of a major breach as the cryptocurrency market roared optimism as it nears the $0.300-level Thanks to the massive rally propelled by Bitcoin, several altcoins bagged notable gains over the past couple of weeks.
Following the renewed bullish momentum, XRP too rose by 9.27% over the last 24-hours pushing the price to $0.298, at the time of writing.
XRP Bulls Push Price Higher
Steering clear of the first major support level at $0.258, Ethereum rallied to a month-high of $0.287. As the XRP price candles continued its upward trajectory to its press time price nearing $0.300, the daily moving averages also mimicked the movement. The 50 DMA [Pink] slid below the price candles in the first week of November depicting a bullish phase for the coin. The 200 DMA [Yellow] was laying low since undergoing a golden cross on the 7th of August and this trend was in continuation.
Furthermore, the increasing gauge between the 50 DMA and the 200 DMA was a positive indicator for the coin’s near-term price action. The moving averages formed critical support points at $0.250 and $0.233 respectively.
Volume Rise in Tandem With Price
While the Stochastic RSI indicated that the price had topped off as it stood in the overbought zone. However, the Stochastic RSI does not have enough weight to affect the value of the coin
In yet another bullish projection, the volume indicator [OBV] suggested that the increasing prices perfectly matched the rising volume, thus, strong yet consistent volumes behind the latest price surge.
Hence, it is safe to say that bearish hints continued to emerge despite the ongoing bullish momentum and a short-term pullback could trigger a retest to its immediate point of support at $0.250. However, a drop to the next level of support at $0.233 is highly unlikely.
The XRP/USD pair could potentially surge to the next significant resistance at $0.315. This level is crucial because it has resisted the bulls may have to overcome strong selling by the bears because once the buyers clear this resistance, there is no major hurdle until $0.338