Over the past 24 hours, XRP saw a notable increase of 7.35% which allowed it to climb back above $0.25 to reach the current trading price of $0.2556. This price increase is perhaps largely attributed to XRP making some gains against BTC as it creates a fresh high for September above 3100 SAT. Despite the recent price increase, it still has a long way to recovery after losing 34% over the past 3 months.
XRP remains the third-largest cryptocurrency with a market cap of $11.05 billion.
Looking at the XRP/USD 1-Day Chart:
- Since our previous XRP/USD analysis, XRP managed to hold the support at $0.2345 very well, allowing the market to bounce higher today into the resistance at $0.26.
- From above: The nearest levels of resistance are located at $0.2584 and $0.26. Above this, resistance is found at $0.27, $0.2811, $0.2890 and $0.30. The resistance at $0.30 is further bolstered by the 100-days EMA. Higher resistance is expected at $0.309, $0.3177, and $0.3262 which is strengthened by the 200-days EMA.
- From below: The nearest level of support lies at $0.25. Beneath this, support is found at $0.24, $0.2345, $0.221, $0.2153, $0.2123, and $0.2010.
- The trading volume has seen an increase over the last week of trading.
- The RSI is currently battling the 50 level which shows that the bulls are attempting to gain control over the market momentum. Furthermore, the RSI is primed for a bullish crossover signal which should send the market higher.
Looking at the XRP/BTC 1-Day Chart:
- Against Bitcoin, XRP managed to overcome resistance at 3000 SAT and continued higher above the September resistance at around 3112 SAT. XRP recently met resistance at the 100-days EMA at around 3215 SAT.
- From above: If the bulls break above the 100-days EMA, higher resistance lies at 3271 SAT (1.414 Fib Extension), 3324 SAT, 3375 SAT (1.618 Fib Extension), and 3500 SAT. Above this, resistance is expected at 3568 SAT (bearish .382 Fib Retracement), 3666 SAT, 3800 SAT, and 4000 SAT.
- From below: The nearest levels of support lie at 3112 SAT and 3000 SAT. Beneath this, support can be found at 2900 SAT, 2798 SAT, 2710 SAT, 2600 SAT, and 2355 SAT. Added support can be expected at 2286 SAT and 2244 SAT.
- The trading volume still remains very low but is showing signs of increasing.
- The RSI is well above the 50 level which shows that the bulls are in complete control over the market momentum.
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Source: Crypto Potato