Ripple’s (XRP) price has shown signs of strength at the beginning of the week. The price after weeks-long consolidation gives breakout on February 4. At the press time, XRP trades at $0.77 with more than 150% rise in volumes at $2,903,341,092.
- Ripple (XRP) Price records massive gains on the first trading of the week.
- As per CoinMarketCap, XRP is outperforming the rest of the top 10 largest cryptocurrencies by market capitalization.
- Price surges more than 28% since February 4.
XRP coils up to creep higher
On the daily chart, XRP has found some strong support near $0.58. The level holds significance due to two reasons. First, here XRP consolidated for a three-week period after depreciating 51% from November 10 highs. Secondly, the levels were last seen in July.
After testing the lows in July, XRP touched all-time on September 6 at $1.39. Now, the descending trend line from $1.34 acts as a strong resistance for the bulls.
Bulls push the momentum oscillator Daily Relative Strength Index (RSI) into the higher trajectory as it currently trading at 65.
Another indicator the Moving Average Convergence Divergence (MACD) has shown bullish divergence indicating the impeding bullish momentum in the pair.
A decisive break above the bearish sloping line would meet the next upside target at $0.87, a 12% upside in the price. Market participants could next explore the $1.0 psychological level.
On the flip side, any downtick in the RSI could drag the price toward the session’s low at $0.67. Further, it could fall toward the $0.62 level.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/will-ripple-xrp-price-advance-towards-0-87-after-recent-stellar-performance/