After weeks of trapped price action, XRP finally broke above several crucial resistance levels to score over nearly 65% in weekly gains. Despite a market-wide price pump, XRP had a pretty interesting week. The recent gain further prompted the token to climb to the fourth position of the cryptocurrency ladder,
Over the last 24-hours alone, XRP rose by a staunching 53% pushing the price to $0.432. At the time of writing, the crypto-asset registered a market cap of $20.58 billion and a 24-hour trading volume of $28.73 billion.
XRP Daily Chart:
After a gradual decline in XRP’s price, the recent spike came just a day after sent the blockchain company, Ripple issued a response to the United States Securities and Exchange Commission [SEC].
On the plus side, the moving averages depicted a reversal in trend after weeks of convergence. The 50 DMA [Pink] continued to hover above the 200 DMA [Purple] and invalidated signs of a death crossover in the coming days. Furthermore, the latest price action resulted in the moving averages to slid below the XRP price candles forming support points from further decline.
The MACD indicator appeared to be super bullish as it continued its positive streak above the zero-line. The Stochastic RSI also shot up above overbought zone depicting heightened buying pressure as the crypto-asset surged.
The RSI also depicted a similar pattern as it rose to a little over the overbought zone This level was last seen in December 2018. This was indicative that the coin is yet to form a local top since the buying pressure appeared to be intact.
The above indicators projected a bullish momentum on the rise of the coin. In this case, it would interesting to see if XRP manages to target its nearest resistance level of $0.581 and $0.662 respectively. The coin found crucial support at levels of $0.32 and $0.21.