Bouncing back from a three-day pullback late last month, XRP resumed buying and rallied by over 100% to near its all-time high. Facing a slight rejection, it appears indecisive while remaining strongly bullish.
The past week saw XRP through another stunning rally as it doubled its price to hit a new multi-year high of $2.9 yesterday – an inch away from its all-time high – ATH. That level was rejected and the price retraced slightly to where it is changing hands at $2.73 at the time of writing.
Currently, the bulls are trying to reiterate action, but there’s not enough volume to sustain the momentum as trading remains calm on the day.
Looking back from where the price picked up in November, XRP is up by 5x with no signs of cooling off the rally. It appears highly bullish daily, but from a technical standpoint, the asset appeared to have reached an extremely overbought condition on the weekly chart.
This suggests an imminent drop, which will likely happen anytime soon. Though there’s still room for an increase. But when the price reaches an exhaustion point, we may see a deep correction before resuming bullish.
Surpassing BNB, Solana (SOL) and Tether (USDT) in the last 48 hours of trading, XRP is the 3rd largest cryptocurrency with a market cap of $155 billion at the time of writing.
XRP’s Key Level To Watch
While the bulls are trying to sustain pressure, a daily candle close above yesterday’s $2.9 high should bring a full recovery to the current ATH of $3.3 before rallying hard to $3.7 and $4.
Failure to push above the previous daily high could result in a retest of the flipped $1.9 high as support. Lower support levels to consider for a pullback are $1.63 and $1.28.
Key Resistance Levels: $2.9, $3.3, $3.7
Key Support Levels: $1.97, $1.63, $1.28
- Spot Price: $2.73
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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