Choose your language:
Ripple’s XRP fell short of the $2 mark yesterday but shows signs of an extended run that could see it break past the resistance point
XRP is one of the best-performing cryptocurrencies of the past week. It is up by nearly 100% against the US Dollar over the last seven days. Yesterday, the XRP/USD pair rose by 2.30%, following a 22.24% jump the previous day.
XRP’s rally continued in the early hours of Thursday, surging to a high of $1.96695. However, failure to break the first major resistance level at $1.9839 saw the XRP/USD pair fall to a low of $1.56077. XRP managed to steer clear of the first major support level at $1.5132, allowing it to bounce back and trade above $1.70. At the time of writing, XRP is trading at $1.746.
For the day ahead, XRP needs to start by overcoming the $1.7832 pivot level to stand the chance of bringing the first significant resistance level at $2.0210 into play. XRP’s price decline coincides with that of the general market, and the cryptocurrency could use the help from the broader market if it is to break out from yesterday’s high of $1.96695.
In the event of an extended market rally, the cryptocurrency could test further resistance at $2.20 levels before any potential pullback, with the second major resistance point sitting at $2.2038.
However, failure to surpass the $1.7832 pivot would allow the bears to take control and bring the first significant support level at $1.6004 into play. Unless there is a massive sell-off, XRP will most likely avoid the second major support level at $1.3626. Any potential downside could be limited by the 23.6% FIB of $1.5426.
XRP/USD 4-hour chart. Source: Coinalyze
A closer look at the XRP/USD 4-hour chart shows that the pair is trading 78% above the 100-day SMA (0.98810). The MACD line is very bullish despite the slight price decline in the past few hours. Its RSI is above 60 and is edging closer to the overbought (OB) region, suggesting that XRP is on a bullish cycle and could continue for a while.
XRP could gain a boost from CoinShares announcing it launched an XRP ETP yesterday. Europe’s largest digital asset investment firm said the XRP ETP would be listed under the ticker XRPL on the regulated SIX Swiss Exchange.
The news comes on the back of Ripple winning some arguments in the ongoing SEC lawsuit and could help XRP rally higher.
Keep updated with our round the clock and in-depth cryptocurrency news.
Unsub anytime
No SPAM ever!
After signing up, you may also receive occasional special offers from us via email. We will never sell or distribute your data to any third parties. View our privacy policy here.
Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.
CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.
Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.
When trading in stocks your capital is at risk.
Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
Ripple price analysis: Could XRP attempt a fresh rally to $2?
