Ripple’s XRP token has seen an interesting 24-hour period, as it was able to surge past the resistance at $0.46 for the first time since early November 2018. The cryptocurrency even touched $0.52 but was unable to remain there as the market retraced to just beneath $0.48.
Despite the pullback, the recent break above $0.46 is very good news for XRP holders, as the cryptocurrency has struggled at this level throughout May and June. XRP now marks a 22% increase over the past month with a further 55% increase over the past 3 months.
XRP continues to be the third-largest cryptocurrency by market capitalization, sitting on a market cap of around $20 billion.
Looking at the XRP/USD 1-day chart:
- Since our previous XRP/USD analysis, the token’s price has continued to rise slowly, holding the support at the rising trend line established in early May. Yesterday the cryptocurrency was able to break above the resistance at $0.46 and close even higher at $0.48.
- From above: The nearest levels of strong resistance lie at $0.48 and $0.50. If the price breaks $0.50, higher resistance lies at $0.5085 (bearish .786 Fib retracement level), $0.52, and $0.5375 (bearish .886 Fib retracement level). If the price goes past $0.54, further resistance is found at $0.5562 and $0.5714 (the November 2018 high).
- From below: The nearest level of strong support is now $0.46. This level previously provided strong resistance during May and June and therefore is expected to provide strong support moving forward. Beneath $0.46, further support lies at $0.44, $0.43, $0.4235, $0.40, and $0.39.
- The trading volume has remained very high during both May and June.
- The Stochastic RSI is approaching overbought territory, which could be a sign that the market may retrace; however, there is still room for this to happen.
Looking at the XRP/BTC 1-day chart:
- Against Bitcoin, we can see that XRP has continued to collapse further, dropping beneath the previous symmetrical triangle pattern that had been taking shape. We can see that XRP/BTC continued to move lower but found support at 4350 satoshi (.786 Fib retracement level).
- From above: The nearest levels of resistance lie at 4500 sat and 4646 sat. Above this, we can find more resistance at 5000 sat, 5300 sat, 5570 sat, and 6000 sat.
- From below: The nearest level of strong support lies at 4352 sat. Beneath this, further support is found at 4177 sat and 4000 sat. The support at 4000 sat is expected to be strong, as it was maintained during September 2018 and May 2019.
- The trading volume has remained high, and it spiked above the average during the XRP/USD surge yesterday.
- The Stochastic RSI is in oversold territory, which suggests that the sellers are overstretched. However, the Stochastic RSI has been in oversold territory for the entire month as we continue to wait for the bullish crossover signal above.
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