Ripple’s XRP cryptocurrency has gained 8.9% in value during the previous seven days, which is an excellent performance even if it’s lost 1.5% in the more recent 24 hours.
During the last day, XRP’s price has been as high as 0,49215, which is way beyond the USD 0,40 psychological limit that became a significant resistance level for the coin. It’s been fluctuating, but it remains to trade above $0.45 mark, and it’s at USD 0,463527 as we write this which is still a very high level.
24-hour technical analysis
It’s all for the bulls.
Every moving average is signaling green as well as every technical indicator. The price is slightly above the pivot point (0,46427) but below the first resistance level (0,50832). So buying is in the books but with enough space for the coin to grow quite a bit before it tests any resistance from the market.
In short, it looks like a great day to buy XRP, which is still a very cheap coin but with solid fundamentals.
Monthly technical analysis
The monthly scenario looks very good as well, but it’s more neutral. Here we also see the price between the pivot and the first resistance, the signal is for buying. But four technical indicators are signaling for selling, which is why it’s not as bullish as the daily scenario.
The first resistance level is a bit higher than the daily one (0,51330), which would suggest that resistance is further away than what the more short-termed indicators seem to say.
The monthly analysis supports the buying hypothesis you’ll surely find in the daily pictures, and it’s even more encouraging because it shows resistance to be harder to meet.
XRP’s performance is quite remarkable, mainly because we’re observing and writing all these facts right after Sunday which is usually a slow and even bearish day for most cryptocurrencies in the market.
Last but not least, the Bollinger bands are getting very narrow, and trading volumes are rather scant. This could mean that XRP is not trending at all. It could keep rising in value very slowly over the next few hours or days, but it may just go into sideways trade for an indefinite period.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.