Today saw XRP through another upsurge as it reached a new milestone in three months. The build-up looks slow, but we can expect a huge rally as soon as volume inflow increases. Resistance lies ahead.
XRP increased by a total of 16% in a week as it entered a new price range today. However, it has been gaining traction for three weeks now after bouncing off $0.48 in mid-October.
This consistent increase shows a notable amount of volume flowing into the market. As shown on the price chart, the daily volume indicator is now slowly rising.
While the asset is poised for a significant price movement, volatility is moderate at the moment. An increase above the $1 level could trigger a massive explosion across the timeframe.
Looking at the current daily chart, the bulls are gaining control from a technical standpoint. If they lose control as a result of a decrease, the price may retrace lower to find solid support for a rebound.
From the look of things, more impulsive movement should be expected than retracement in the next couple of days. In case of an unexpected drop, the $0.4 level remains a crucial support to keep in mind for a breakdown. So far, it has posted a 100% gain since the start of the year.
XRP’s Key Level To Watch
Source: TradingView
The price is now charging near the $0.674 resistance level. If XRP flips that level the next resistance for an increase would be $0.73 and potentially $0.77 before surging through July’s highs of $0.85 and $0.94.
Right now, the areas to watch for pullbacks are the $0.598 and $0.55 support levels. If these supports fail to produce a rebound level, the $0.47 support would be the next area of interest for selling.
Key Resistance Levels: $0.674, $0.73, $0.77
Key Support Levels: $0.598, $0.55, $0.47
- 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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