XRP price analysis for today is bullish as the daily candle is up by more than 6%. Bitcoin’s flash crash yesterday down to the $58k price level brought down the entire market to its knees. The nearest resistance was found at $1.0817, leading to a drop in the price of the coin.
The daily high for the XRP/USDT token is currently at $1.0816, while the coin, during press time was noted at $1.06. According to the data presented by CoinMarketCap, the trading volume of the token dropped by 8.98% in the last 24-hours and is at $5.6 billion. The market cap of the token is sitting still at $49 billion and the altcoin took over the seventh rank.
On the other hand, Bitcoin reclaimed the $60.9k price level, and as a result, we saw green candles across the entire crypto market. If Bitcoin continues to rise, we can expect higher prices for XRP as well.
XRP price analysis one-day chart
XRP/USDT pair has a slight resistance at $1.1, which is its next breaching target. The bullish behavior with today’s upward motion seems to target major resistance at $1.14.
The technical analysis using the Bollinger Bands indicator signals a start of the upward rally as XRP breached the lower edge of the band.
The coin is breaching the 50-day and 100-day moving average levels which further confirms the arrival of bulls.
RSI indicator is also dancing on the same bullish tune as we can clearly see it approaching towards the 50 median. The sharp positive gradient is the perfect sign for bull entry.
The MACD indicator, however, disagrees with the others as the signal line is still staying above the MACD line. Yet, we can see that the two are coming closer, which could confirm a bullish scenario in the upcoming days.
XRP token has risen by more than 11% in the last 30 days. The XRP Lawsuit has been one of the biggest causes of this stagnant behavior, but the investors have started reconsidering buying the altcoin after the latest successful transits of Ripple Labs. This bull run seems to be gifting a new all-time high to the coin really soon.