- XRP hits $3.17, up 8.24% in 24 hours, with a trading volume surge of 46.37% to $10.51 billion.
- Bullish momentum continues, with $3.18 resistance in focus, and a breakout could lead to further gains.
- The RSI of 72.39 indicates that XRP might undergo a near-term correction, yet the bullish trend is still maintained.
At the time of writing, XRP is trading at $3.17 following an 8.24% rise within the past 24 hours. The trading volume stands at $10.51 billion after it increased considerably by 46.37%. During the past seven days, XRP has made a significant gain of 30.82% indicating increased investor confidence. This robust price action shows that XRP is positioned squarely on a bullish run, and significant resistance areas are imminent.
Source: CoinMarketCap
CasiTrades highlighted the robust bullish traction of XRP. The cryptocurrency just retraced back to $2.85, which is the 0.236 Fibonacci retracement level. This minor retracement is interpreted as being positive, and thus the bullish trend remains. XRP has entered the resistance level of $3.04. A breakout above this could result in a new rally and leave the door open to new price discovery.
XRP Testing Key Resistance
In the hourly chart, there is a clear trendline that serves as an important support and resistance line. XRP will soon be testing the $3.18 resistance. A positive breakout across this resistance would initiate an amplification of the bull run. When the price reverts to levels upon reaching a high of $3.18, a retest of the $3.04 level would be expected, and this would confirm the strength of the market.
Source: X
Also Read: XRP Breakout Looms With RSI Nearing 97 and Eyes Set on $38 Rally
The Relative Strength Index (RSI) of XRP is at 72.39 now, which is close to being an overbought asset. There might be a near-term correction if the RSI keeps rising. But the trend remains bullish in general, and a correction can be a buying opportunity at new levels.
The bullish indicator is supported by the Moving Average Convergence Divergence (MACD). The signal line is at 0.04, whereas the MACD line at 0.01 shows that the crossover is positive. It is an indication that the bullish momentum will likely persist. The MACD histogram also increases on the positive side, adding more to the trend strength.
Source: TradingView
Bullish Momentum Remains Strong
BitGuru revealed that XRP is currently experiencing some resistance around $3.0371, but is still bullish since it was previously experiencing an inverse head and shoulders formation. The powerful breakout rally confirms the position that the token will likely move on an upward trend. In the event of a successful break beyond $2.85, Ripple would then continue its attempts to hit the price points of $3.05 and a second attempt at surging through to the $3.5 levels.
Source: X
Ripple is showing tremendous uptrending strength, and the asset is still facing critical resistance at the price area of $3.18. The cryptocurrency is set to grow, with the price increasing significantly and the trading volume following suit. The technical signs, such as RSI and MACD, indicate that the uptrend is likely to be maintained, although a temporary fall may be observed.
Also Read: Can Ripple (XRP) Hit $50? Analysts Say It’s Possible
