Ripple (XRP) has seen a promising 5% increase over the past week, bringing its price up to $0.25. The latest increase is largely due to XRP rebounding against BTC as a continues tryout to break above the resistance of the 3100 SAT level. The coin has struggled over the past three months after dropping by a steep 36%. However, the market looks to be on the road for bullish recovery.
XRP is the third-largest cryptocurrency with a market cap of $10.87 billion, according to CoinGecko.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, XRP has continued to struggle to break above the resistance around the $0.2584 – 0.26 level and we had sideways action.
- From above: The nearest level of resistance above $0.26 lies at $0.27, further levels are $0.2811, $0.29 (100-days EMA), and $0.30.
- From below: The nearest level of support lies at $0.25. Beneath this, support can be found at $0.24, $0.2345, $0.23, $0.22, and $0.2153.
- The trading volume has seen a minor increase but remains relatively low.
- The RSI is currently battling the 50 level. For a bullish push higher, XRP must see an RSI rise and break above the 50 level to show that the bulls are in control over the market momentum. Furthermore, the Stochastic RSI has produced a bullish crossover signal which suggests that the market could be heading higher.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, XRP seems to be on the bullish side: The coin is attempting to break above resistance at 3112 SAT, provided by a bearish .236 Fibonacci retracement level. XRP has struggled to break above this level on the previous three attempts. Can it finally overcome?
- From above: Resistance above 3112 SAT lies at 3200 SAT which is provided by the 100-days EMA. Higher resistance is expected at 3270 SAT, 3375 SAT, and 3570 SAT (bearish 382 Fib Retracement). Above 3570 SAT, resistance is located at 3666 SAT, 3800 SAT, and 3963 SAT.
- From below: The nearest level of support lies at 3000 SAT. Beneath 3000 SAT, support lies at 2800 SAT, 2710 SAT, 2600 SAT, and 2455 SAT.
- The trading volume remains very low but shows some signs of increasing.
- The RSI is above the 50 level which shows that the bulls are in charge of the market momentum. Furthermore, the Stochastic RSI has produced a bullish crossover signal which should suggest that the market is heading higher.
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