Ripple price analysis: XRP targets $1 mark after seeing off pressure at $0.77 resistance
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TL;DR Breakdown
- Ripple price analysis shows price pushing up 9 percent over past 24 hours
- Strong technical indicators hint at expected revisit of $1 mark
- 24-hour trading volume rose by 69 percent
Ripple price analysis continues to show bullish signs, as the token raced up more than 9 percent over the past 24 hours to achieve a high of $0.79. XRP faced stern pressure at the $0.77 resistance but surpassed it during the day’s price action. Due to the bullish price movement, technical indicators hint towards a revisit of the $1 mark which was last achieved more than a year ago. The 24-hour trading volume complimented price by moving up by 69 percent, while XRP market capitalisation grew 9 percent. Even amid the bullish momentum, a daily close below the $0.60 mark would invalidate the bullish thesis.
The larger cryptocurrency market showed signs of recoveries market with minor increments, led by Bitcoin’s move back above $40,000 with a 3 percent rise. Ethereum followed suit, rising back above the significant $3,000 mark. Among major Altcoins, Cardano and Dogecoin rose 2 percent each to move up to $0.95 and $0.15, respectively. Meanwhile, Terra slipped down to $80.86 while Polkadot and Solana 3 and 1 percent each, to sit at $18.29 and $100.89, respectively.
Ripple price analysis: 24-hour chart confirms healthy market valuation for XRP
On the 24-hour candlestick chart for Ripple price analysis, price can be seen forming an ascending triangle pattern that initiated on April 12. Since then, XRP has raised more than 14 percent in price and moved up to $0.79. In the process, the crucial 50-day exponential moving average (EMA) can be seen to be surpassed at $0.75 during the day’s price action. The relative strength index (RSI) also shows promising market valuation at 50.23 to confirm a bullish outlook. The moving average convergence divergence curve is forming bullish highs and looks to be forming a bullish crossover above the neutral zone over the coming trading sessions.
While a move towards the $1 mark is a real expectation over the current trend, buyers will also be vary of potential profit taking action affecting price. Over the next 24 hours, any movement below $0.70 would invalidate the bullish thesis and propel XRP back below support at $0.71.
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