XRP has increased to levels not seen in the past three years. Owing to the ongoing bull run, the cryptocurrency market amassed a $2.2 trillion market cap in total as top cryptocurrencies continued to tread uncharted territories. XRP, alone was up by almost 100% over the past seven days.
With the rapid increase in its price, it further strengthened its position as the fourth-largest cryptocurrency in the leaderboard. The crypto-asset was priced at $1.77 after surging by almost 5% over the past 24-hours. At the time of writing, it registered a market cap of $80.67 billion and a 24-hour trading volume of $30.55 billion.
It appears as if SEC’s lawsuit against Ripple has failed to deter the market participants this bull season. Where is XRP’s price headed in the near-term?
XRP Daily Price Chart:
With the parabolic rise, XRP’s price has continued to surge at a massive pace as it doubled its price in a matter of just a week. Along with the volatility in the coin market, the trading volume also remained surprisingly high. This was indicative of the fact that the current momentum is strong which could aid in a leg up in the near term.
The upsloping moving averages continued to support the crypto-asset from an event of market downturn.
The dotted markers of the Parabolic SAR continued to hover below the XRP price candles for almost a month now, depicting that the bulls are here to stay.
The rising volume along with the protracted bullish crossover by the MACD was also indicative of the strength in the coin market as buying demand spiked.
The RSI was also in the well into the overbought zone depicting a sentiment of buying pressure among the investors. It was also an over-leveraged indicator which could further signal a retracement in the coming days.
XRP’s resistances were found to be at $1.92, $2.01, and $2.17 respectively. The 50 DMA [Pink] and the 100 DMA [Blue] acted as crucial support points for the coin at $0.6 and $0.5.