Ripple continues its rampage with renewed vigor as it keeps breaking levels it hasn’t in more than 60 days. Its latest bid to the top surged to a peak of $0.50 after opening the intraday session at $0.39.
The coin has been on this bullish run with a few breaks since the start of the week. It closed Monday with gains exceeding 8%. The next day, it slowly climbed with another such increase and gained stability above $0.41.
A little break during the previous trading session led to accumulations, hence the massive increase. A close above $0.48 will translate to a more than 22% increase at the end of the current 24-hour period. The most recent feat comes as no surprise as a weekly outlook predicted such a move.
Following the strong rejection it faced at $0.50, there may be more corrections ahead. One reason for this conclusion are the indicators. A closer look at the Relative Strength Index reveals that XRP is currently 0verbought.
Based on the rules surrounding this metric, traders may be gearing up for a massive downtrend. Nonetheless, other indicators are still bullish. For example, the Moving Average Convergence Divergence has both lines splitting.
The key line to take note of is the 12-day EMA. We observed that this metric is also maintaining its uptrend despite the drop in the asset. Based on these metrics, we may conclude that there may be more price increases ahead.
Ripple Shot Past Three Pivot Levels
As a result of the massive increase, the altcoin surged past three different pivot resistance. The first mark was the second pivot resistance at $0.42. It is one of the toughest as it we observed several attempts failed.
A flip of this key barrier is one many may decide to celebrate as it opened up more marks. One such mark is the $0.48. XRP flipped this level for the first time in more than 90 days. It may spell goodwill for the coin as it may open the way for an attempt at $0.50.
However, it faced strong resistance at this peak and was sent dipping. Nonetheless, we observe a lot of selling congestion at $0.48. This may be one of the key support in ripple’s bid at more barriers.
Key Levels to Watch
Vital Support: $0.42, $0.37, $0.32
Vital Resistance: $0.52, $0.54, $0.60
Taking into consideration the congestion at $0.48, we may see prices linger close to this region. If this level fails, it may continue to drop until it finds support at $0.42. It is also important to take note that the highlighted mark has not performed as a positive barrier in more than 60 days.
Nonetheless, when the level was a resistance, we observed several attempts at it fail. Based on previous price movements, we may conclude that it may serve as a tough positive barrier. Additionally, it is the second pivot resistance.
The next support showed its strength for more than 14 days (from July 30 to August 17). It is safe to say it is bankable and we may see a repeat of the previous event if prices dip to this level.
The final mark on the list is $0.32. This is one of the most vital positive barriers and the toughest on the list. Although it flipped on recent occasions, we observed that prices lingered close to it afterward.
It is also important to hold this level as it is the gateway to a drop below $0.3. On the flip side, we may see ripple pick up momentum as the week progresses. As a result, XRP may retest the $0.52 resistance.
Gaining stability above it, it may make further attempts at $0.54. The final barrier to the top is $0.60. The altcoin has not tested this mark since May. As a result, it may be the toughest to flip.
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