While most altcoins have been relatively down over the past 48 hours, Ripple has posted a nice gain with a break above the monthly high. This signals a fresh buy and is likely to see bigger rallies in the next few days.
Taking a short recap of this month’s trading: XRP started a bit weak due to the early month crackdown but it later located support above $0.38 and increased consistently for two weeks.
It encountered resistance at the $0.64 level and took a break in buying. This led to a brief consolidation mode while the buying volume dropped.
Fortunately, volatility increased this week and the trading landscape changed following a fresh surge from the $0.6 level yesterday. It has brought a notable profit over the past hours as the price broke higher.
Now that the bulls are back in action, we may see a bigger rally in the next few days as it aims to round up this month on a bullish note.
So far, this month has been a remarkable period for XRP as it recovered more than 50% of its price for the first time in four months. The trend is currently bullish on the daily chart. A rejection at the yearly high could lead to a slight pullback before breaking out.
XRP’s Key Level To Watch
Source: Tradingview
In the latest surge, XRP targets the $0.7 resistance (last December’s high). Above it lies the current yearly high of $0.744. If the price breaks out, the $0.8 level would be the next level to watch.
The recently flipped $0.64 resistance level is now considered as support. If the price rolls back below it, the $0.6 and $0.57 levels are supports to watch for a rebound. Lower support levels are $0.53 and $0.489.
Key Resistance Levels: $0.7, $0.744, $0.8
Key Support Levels: $0.64, $0.57, $0.53
- Spot Price: $0.65
- 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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