The fresh bullish wave boosted XRP’s uptrend. The crypto-asset’s weekly gains jumped 56.21% as it soared to a three-month high. XRP went on to become one of the biggest gainers as bears retreated. The rising volatility in the coin market could further catalyse the ongoing uptrend as there is very little resistance towards reclaiming the 2021-high.
Over the past 24-hours, XRP was up by 1.25% and trading at $1.28. The sixth-largest cryptocurrency held a market cap of $59.32 billion while registering a 24-hour trading volume of $8.20 billion at the time of writing.
Is there little room for further upside despite the much-anticipated parabolic rise, or will XRP manage an extended rally in the coming days? Let’s dive in deeper.
XRP Daily Price Chart:
All the moving averages aligned below the candlestick arrangement as XRP went on a parabolic rise. While the upsloping 50 DMA [Pink] appeared to be heading for a golden cross in the near future with the 200 DMA [Yellow], the latter was also appeared to be on the verge of a bearish crossover which could spell trouble in the short-term price action of the token.
Besides, as the volatility in the market picked up, the volume also followed suit. If XRP manages to keep its volume moderate to high, the uptrend could find considerable backing.
The surge of Chainlink Money Flow [CMF] above the half-line indicated a rising inflow of capital in the coin market in tandem with the price action. The MACD also depicted a strong bullish phase. A similar trend was seen by the Relative Strength Index [RSI] which rose to overbought levels last seen during April high. However, this could also indicate a potential reversal if the buying pressure diminishes.
The short-term price prospect does not look very promising. In which case, XRP risks testing of immediate support levels of $0.85, $0.82, and $0.72 respectively. On the other hand, the overhead resistance levels for the crypto-asset was found to be at $1.59 and $1.83.