XRP was on a massive bullish spree even as pullbacks continued to haunt some of the top cryptocurrencies including Bitcoin. Despite the fact that XRP’s price has not been able to breach the $1 barrier yet, the third-largest crypto asset’s steep rise can be attributed to the upcoming airdrop of the Spark tokens which has pushed its price to levels last seen in 2018.
XRP was priced at $0.606 after noting an increase of 2.11% over the past 24-hours as it registered a market cap of $27.56 billion and a 24-hour trading volume of $8.69 billion, at the time of writing.
Will XRP able to finally break a multi-year downtrend and climb to the coveted level of $1?
XRP Daily Chart:
XRP consolidated within the symmetrical triangle formation as pictured in the above chart which indicated a breakout could happen either way. However, the price chart exhibited a subtle breakout to the positive side. To top that, the daily moving averages settled well below the XRP price candles which depicted a bullish picture. Further indicating an increasing bullish pressure was the rising gauge between the 50 DMA [Pink] and the 200 DMA [Purple].
Fibonacci Retracement depicted two major hurdles that XRP needs to watch out for in the near-term. The asset turned down from the 0.236 level slightly at $0.66. This region has proved to be a substantial resistance level. If it manages to break this level of resistance, climbing to $0.79, which is XRP’s next target point, shouldn’t be tough since there is very little resistance between the two levels.
A potential case of volatility in the coming days might not transpire, as noted by the converging Bollinger Bands. Meaning, a breakout on either side might have to wait and there is a greater of the ongoing consolidation to continued in the near term.
The RSI above the 50-median line depicted a bullish outlook as the investor sentiment continued to favor buying pressure in the XRP market.
The above charts could evidently imply that XRP was in bullish territory with no downside projections. In this case, its resistance levels stand at $0.66 and $0.79, while support levels were found at $0.58, and $0.51 respectively.