Ripple’s (XRP) price has shown signs of strength at the beginning of the week. The price after weeks-long consolidation gives breakout on February 4. At the press time, XRP trades at $0.77 with more than 150% rise in volumes at $2,903,341,092.
- Ripple (XRP) Price records massive gains on the first trading of the week.
- As per CoinMarketCap, XRP is outperforming the rest of the top 10 largest cryptocurrencies by market capitalization.
- Price surges more than 28% since February 4.
XRP coils up to creep higher
On the daily chart, XRP has found some strong support near $0.58. The level holds significance due to two reasons. First, here XRP consolidated for a three-week period after depreciating 51% from November 10 highs. Secondly, the levels were last seen in July.
After testing the lows in July, XRP touched all-time on September 6 at $1.39. Now, the descending trend line from $1.34 acts as a strong resistance for the bulls.
Bulls push the momentum oscillator Daily Relative Strength Index (RSI) into the higher trajectory as it currently trading at 65.
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Another indicator the Moving Average Convergence Divergence (MACD) has shown bullish divergence indicating the impeding bullish momentum in the pair.
A decisive break above the bearish sloping line would meet the next upside target at $0.87, a 12% upside in the price. Market participants could next explore the $1.0 psychological level.
On the flip side, any downtick in the RSI could drag the price toward the session’s low at $0.67. Further, it could fall toward the $0.62 level.
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